Recently, Solana has caught the attention of many investors with its upward momentum and is benefiting from significant developments in its blockchain network. The rise in NFT collections and airdrop events in the Solana ecosystem continue to please its users. Accordingly, the governance token of the Solana-based liquid stake protocol Jito, which was launched on December 7, exceeded a trading volume of $1.1 billion in 24 hours after the launch.
Jito Token Saw a 45% Increase
The Jito Protocol team launched the Jito token on December 7 following the airdrop announcement last week and distributed tokens to eligible community members. This step also enabled decentralized governance in the Jito Protocol.
Shortly after its launch, the JTO began trading at around $2 and the token price increased by approximately 45% from the time of its initial launch. According to CoinGecko, the token is currently trading at $2.9, which translates into a market capitalization of $2.9 billion.
The total supply of Jito tokens is limited to 1 billion according to its tokenomics, and currently, only 115 million tokens are in circulation. Of these tokens, 80 million have been allocated through community airdrop events for early users, validators, and others who contribute to the protocol based on separate criteria.
$14,000 Worth Airdrop
Approximately 9,800 platform users who interacted with the protocol and deposited any amount of SOL earned a minimum of 4,941 JTO tokens, valued at around $14,000 at the time of reporting. The Jito team allows users to deposit SOL, Solana’s native cryptocurrency, in exchange for JitoSOL, a derivative serving as a proof token for participants in the staking process.
As of writing, more than 6.4 million SOL, valued at approximately $460 million, is locked in the Jito Protocol, the largest staking protocol in the Solana ecosystem. Jito Labs, the core developer behind Jito, also operates a major client software for the Solana blockchain network.
