Jito Foundation has announced significant updates to the JTO token economy, including a token buyback worth $1 million. Below we review the main changes.
Token Buyback System
The $1 million buyback was carried out in four phases over ten days. In the near future, the TWAP buyback strategy will continue, while new auction-based mechanisms are planned for automatic value accumulation.
Adoption of JIP-24 Proposal
The JIP-24 proposal was adopted, doubling the DAO's fees from the Jito Block Engine to 6%. This update is said to significantly increase the revenue flowing into the DAO's treasury and strengthen the value of the JTO token.
Creation of JTO Economic Hub
Additionally, the Jito Foundation launched the JTO Economic Hub page and will hold its first JTO token holder conference on September 24. These steps aim to increase compatibility between the protocol and JTO token holders and strengthen the economic sustainability of the ecosystem.
The updates presented by the Jito Foundation are aimed at improving the tokenomics of the JTO ecosystem and creating new opportunities for token holders.
