Odaily News Jito Foundation, an organization supporting the Solana-based liquidity staking protocol, is launching a governance token that will be used to help manage the Jito network. Jito Labs builds infrastructure designed to mitigate the negative impacts of MEV on Solana. By launching the token, the Jito Foundation seeks to empower “community members to directly influence the decisions and direction of the Jito network,” the organization said in a statement. Last month, the Solana Foundation said that nearly one-third of staking was taking place through the Jito Labs client. In an announcement on Monday, the Jito Foundation said that the Jito MEV validator network is now “utilized by over 40% of the Solana network’s staking weight.” A total of 1 billion JTO tokens were created to organize how the network is managed, including setting fees for the JitoSOL staking pool, as well as overseeing the revenue and DAO treasury. There will initially be 115 million JTO tokens in circulation. Approximately 34% of tokens are reserved for community growth, 25% for ecosystem development, 24.5% for core contributors, and 16% for investors. (The Block)