Solana liquid staking token JTO surges 85% post-exchange debut, following unique airdrop event Solana liquid staking token JTO surges 85% post-exchange debut, following unique airdrop event
Observers have suggested that Jito's unique airdrop startegy will draw more retail particiaption to Solana DeFi ecosystem.
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Updated: Dec. 8, 2023 at 1:27 pm UTC
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Solana-based liquid staking project Jito’s JTO token price soared more than 80% following its trading debut across multiple major exchanges like Coinbase and Binance.
Data from CoinMarketCap shows that JTO’s value surged to more than $3 during the past day, representing an 85% growth for the newly launched digital asset. JTO’s price has retraced to $2.90 as of press time.
JTO’s market capitalization stood at $333 million as of press time, with a trading volume of $1.4 billion.
Jito airdrop
On Dec. 7, Jito distributed 90 million units of its governance token, JTO, to its early adopters as part of an airdrop program. While the total allocation for the airdrop is 100 million tokens, representing 10% of the token’s total supply, users can claim their share of the 90 million over the next 18 months.
Meanwhile, the token’s airdrop strategy gained attention from the crypto community as it mostly favored regular users. Observers suggested that this approach would benefit Solana’s decentralized finance (DeFi) ecosystem, encouraging more retail traders’ participation.
Dan Smith, a researcher at Blockworks, hailed the airdrop as a pivotal moment for drawing people into crypto through its innovative reward structure. Smith highlighted the broad participation, saying:
“9,852 addresses claimed between $9.8k and $208k from the Jito airdrop today. All you had to do to qualify for tier 1 was play around with $40 onchain, and you walked away with $9,882 a few months later.”
The JTO token
The JTO token will play a pivotal role in governing the decentralized autonomous organization (DAO) activities within the Jito staking protocol.
Jito is a decentralized liquid staking protocol built on Solana, allowing users to stake their SOL tokens with validators engaged in effective block organization. As a reward, users receive a liquid staking token known as JitoSOL, representing the aggregated validator rewards and tips.
Data from Jito’s website reveals approximately 75,000 users earning 7% rewards. The total value of assets locked on the protocol currently stands at 6.4 million SOL, or $455 million, according to DeFillama data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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