The information about Jito (JTO) token is:

Jito (JTO) is a token launched on the Solana blockchain as an SPL (Solana Program Library) token, serving as the native governance token for the Jito Network, a decentralized protocol focused on liquid staking and Maximum Extractable Value (MEV) optimization.

The token was introduced by the Jito Foundation with an airdrop announced on November 27, 2023, distributing 10% of its total supply (100 million JTO tokens) to early users, validators, and MEV searchers, with the snapshot for eligibility taken on November 25, 2023.

JTO has a total supply of 1 billion tokens, with an initial circulating supply of 115 million upon launch, allocated as follows: 34% for community growth, 25% for ecosystem development, 24.5% for core contributors, and 16% for investors, with the airdrop forming part of the community allocation.

The token enables holders to participate in the governance of the Jito Network through the Jito DAO, allowing them to vote on key decisions such as setting JitoSOL stake pool fees, updating delegation strategies via StakeNet programs, managing the DAO treasury, and contributing to protocol development.

Jito Network is a liquid staking platform where users can stake Solana (SOL) tokens and receive JitoSOL, a liquid staking token that represents their staked SOL and accrues both staking rewards and additional MEV profits, enhancing yield opportunities.

The platform leverages Solana’s high-speed, low-cost infrastructure to operate stake pools, which delegate staked SOL to a decentralized set of validators running the Jito-Solana client, designed to mitigate negative MEV effects (like spam trades) while maximizing benefits (like network efficiency).

Jito Labs, the company behind the protocol, was founded in 2021 by Lucas Bruder and Zanyar Sherwani, raising $10 million in a Series A round from investors including Solana Ventures and Anatoly Yakovenko, co-founder of Solana Labs, to build MEV infrastructure on Solana.

The Jito ecosystem includes tools like the Jito-Solana validator client, Jito Block Engine, and Jito Bundles, which support efficient MEV extraction and transaction processing, with over 40% of Solana’s stake weight utilizing the Jito MEV network as of late 2023.

Posts on X and web sources highlight JTO’s role in combining liquid staking with MEV rewards, positioning it as a pioneering project on Solana that enhances staking flexibility and supports network decentralization by distributing stakes across numerous validators.