Jito Foundation earmarks 12 million tokens to governance delegates from Coinbase Cloud, Solana Foundation and others

Solana-based spawning project Jito JTO

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The initial board cohort will consist of individuals from Coinbase Cloud, the Solana Foundation and its own community.

According to a statement, the project named 17 individuals and projects. The list includes research firm Gauntlet, infrastructure platform Chainflow and marketing agency Flipside.

The Jito Foundation will delegate 12 million JTO ($23.5 million) of voting rights to the cohort, divided equally. This represents approximately 10% of the JTO token’s circulating supply, according to The Block’s Price Page.

“Historically, the board at Solana has not been as active compared to other chains,” said Lucas Bruder, Jito Network core contributor. “We hope that the Jito Foundation delegation program can mark a new high for the Solana board.”

The delegates will use voting power to determine the future direction of the project through the governance forum. The Jito Foundation said the upcoming votes will include the launch of StakeNet, the future staking product that monitors validators.