Jito Foundation Delegation

On January 24th, the Jito Foundation put out a public call for delegates to address the DAO’s inability to achieve quorum. At the time, 180 users had deposited 100,000 JTO in voting power to the DAO – well short of the 30m quorum limit

While initial communications indicated that the Foundation would delegate 5 million JTO in token voting power, this figure was later adjusted to 12 million to better address quorum requirements. 

The Foundation delegated a total of 12 million JTO in token voting power to 17 individuals and entities, with each receiving the equivalent of 705,882.35294 in voting power. This delegation was made from a Squads account which can be found here: https://app.squads.so/squads/7SK8JMBUdStZdGVZGKaRmMV3zSaUUZ6YekuYAyWZY3hy.  

The full list of delegates can be found here: 

• Felix Lutsch - Community

• MultichainMike - EmpireDAO

• Andrew Allen- Coinbase Cloud

• 0xjaypeg - Community

• Ben Hawkins - Solana Foundation

• Michael Hubbard - Laine

• Ian Unsworth - Community

• 7Layer - Overclock

• Flipside Ecosystem Growth & Innovation team

• Juanbug - PGov

• Mark Hull - Kamino

• Blockworks Research

• Gauntlet 

• 0xNallok - Lode Ventures

• Douro Labs 

• Chainflow

• Joebuild - Community

As governance participation increases, delegation parameters and selections may be adjusted periodically. 

Quorum modification

In tandem with the Jito Foundation delegation, the Jito Security Council voted to change the DAO’s quorum limit from 30 million tokens to 10 million. 

Quorum was initially set at a high bar to protect the DAO’s treasury assets after the token generation event. However, with a circulating supply of just over 110 million, it was improbable that the DAO would be able to achieve quorum, leading the Council to lower the limit. 

While the Council initially intended to change quorum to 3 million, Realms requires that quorum be set at a full-digit percentage of token supply, meaning 10 million is the lowest possible setting. 

As the circulating supply of JTO increases and governance becomes more active, the Security Council may consider adjusting quorum in the future. 

Liquidity mining 

The Jito Foundation has launched a number of small-scale liquidity mining programs. These programs have tended to last a month or less, and have focused on growing liquidity for JTO, expanding the use of JitoSOL pairs (especially for newly-launched products), and encouraging JitoSOL usage in new products and markets. 

You can find a full list of programs launched below: 

The Foundation liquidity mining address can be monitored here: https://app.squads.so/squads/8sjM83a4u2M8YZYshLGKzYxh1VHFfbgtaytwaoEg4bUJ/transactions 

Transparency Reports

The Jito Foundation publishes quarterly Transparency Reports to give the DAO community insight into the Foundation’s financial status. You can find these reports below: 

DEC 2023