Jito Solana Liquid Staking & MEV Airdrop

Everything That You Need to Know

The Launchy Team
December 06, 2023

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JITO Solana LST & MEV Airdrop
Everything That You Need to Know

Jito is Solana’s 2nd largest protocol with $400M in TVL.
10% of the JTO token supply will be allocated for the airdrop.
The cutoff date for any activities that will count towards the JTO airdrop was November 25, 2023.
Out of the 10% airdrop allocation, 80% will be given to users with at least 100 Jito Points.
Jito's pre-launch futures product is trading on Aevo, with $730M in implied FDV given the current price of $0.73

On November 27, Jito announced the upcoming launch of the JTO governance token.

What is Jito?

Jito is a Liquid Staking Token (LST) provider on Solana.

In November 2023, Jito Network claimed the top spot as Solana's leading LST provider, surpassing Marinade.
Currently, the Jito-Solana validator client operates on about 40% of the Solana stake distributed across over 230 validators.
According to marqu’s Flipside dashboard, currently, Jito recorded an impressive TVL of ~6.6M $SOL, equivalent to ~$402M.
Jito Foundation launched Jito-Solana, an open-source Solana validator client designed to mitigate MEV-related issues such as spam trades and failed transactions.
Many consider Jito as combining the best of both worlds: Lido’s liquid staking and Flashbot’s MEV capabilities.

What is the JTO token?

JTO is a governance token that lets community members directly influence decisions and the trajectory of the Jito network. The JTO governance token may be utilized for:

Setting and modifying fees
Updating delegation strategies
Contributing to the development and improvement of Jito’s products.
Managing the DAO treasury and fees generated from JitoSOL

JTO will have a total supply of 1B JTO with 115M JTO initial circulating supply and 582.8M JTO initial float supply.

JTOs are allocated across the following main categories:

(1) Community Growth (34.3% – 343M JTO)

The "Community Growth" token allocation, aimed at expanding the Jito community, involves a retrospective airdrop of 10% of the total supply to recognize and reward early contributors.

The remaining tokens, constituting 24.3% of the total supply, will be governed by DAO on the Realms platform, allowing token holders to decide on distribution and usage.
The airdrop consists of 90M JTO for immediate distribution and an additional 10M unlocking over the next year.
Details on airdrop will be explained in the next section of this article.

(2) Ecosystem Development (25% – 250M JTO)

The token allocation for ecosystem development supports communities and contributors driving the expansion of Solana's premier liquid staking protocol.

This includes initiatives like StakeNet, an innovative self-sustaining protocol for perpetual Solana LSTs.
The Foundation plans to open-source StakeNet for adoption on other platforms.

(3) Investors (16.2% – 162M JTO)

The tokens allocated to investors unlock over 3 years, with a 1-year cliff.

(4) Core Contributors (24.5% – 245M JTO)

This is allocated to Jito’s founders and current and future employees of early contributors to the ecosystem. These tokens vest and unlock over 3 years, with a 1-year cliff.

JTO Airdrop Eligibility and Allocation

Here is the eligibility criteria for the airdrop:

You can verify the eligibility of your Solana wallet address at jito.network/airdrop

Here is the allocation of the 100M JTO airdrop:

Source: Jito

JitoSOL Users – (80% - 80M JTO)

Jito Foundation allocates 80% of the JTO airdrop to JitoSOL points holders with 100 points or more:

The Jito Points program rankings determine eligibility for these users.
The snapshot started on January 1, 2023, and ended on November 25, 2023.
Jito Foundation has implemented a tiered allocation system for these JTO tokens.
There are 9,852 unique addresses with at least 100 Jito Points prior to Nov 25, 2023.

Jito-Solana Validators – (15% - 15M JTO)

15M JTO is allocated to validators that “operated the Jito-Solana client between epochs 366 and 536” and “operated the client for at least one epoch from 527 through epoch 536.”

The allocation is based on each validator's share of Jito-Solana's total stake, calculated by equally weighting each epoch since epoch 366.
50% of the token allocation is available to claim at Genesis.
The remaining 50% will unlock linearly over 12 months, with vesting starting on the Token Genesis Date.

Validators are categorized into 4 tiers, as summarized in the table below:

Jito MEV Searchers – (5% - 5M JTO)

The final group of users eligible for the JTO airdrop comprises searchers who have used the Jito Network’s suite of MEV programs.

To be eligible for the airdrop, searchers must have tipped at least 1 SOL cumulatively between epochs 366 and 536.
Similar to the approach taken with the Jito-Solana validator allocation breakdown, qualifying searcher addresses were grouped into five distinct tiers
More active searchers received a larger share of this segment of the allocation
50% of the token allocation is available to claim at Genesis.
The remaining 50% will unlock linearly over 12 months, with vesting starting on the Token Genesis Date.

*Note that all claimable JTO tokens will be available for 18 months, starting on the Token Generation Date. After that, unclaimed tokens will permissionlessly be transferred to the DAO treasury’s Realms wallet.

@ponzirespecter made a simple calculator to estimate the JITO airdrop's worth.

Pulled Jito points data and made a simple calculator to estimate what airdrops will be worth
This assumes points map 1:1 to token which seems unlikely but gives a ballpark
The other thing to consider is some of the airdrop will go to validators and searchers
Link below👇🫡
— Anders◼️🇺🇸 (@ponzirespecter)
9:00 PM • Nov 27, 2023

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.