Jito (JTO) Trading Volume Soars on First Day of Airdrop
The trading volume for the staking project Jito's token (JTO) has surged to over $1.4 billion within the past 24 hours, amid the airdrop frenzy currently sweeping through the Solana ecosystem.
The trading volume for JTO quickly hit the $1.4 billion mark just one day after the airdrop distribution and the token's listing on several major exchanges.
Starting from the evening of December 7th, the Solana-based staking platform began distributing airdrop rewards to users and announced listings on major exchanges including Coinbase and Binance.
Jito conducted a snapshot on November 25, 2023. According to the data, approximately 9,800 users who had interacted with the protocol and staked SOL were eligible to receive at least 4,941 JTO, equivalent to nearly $17,800 at the time of writing.
LayerZero has always been built with the ability to have a native token within the protocol, as can be seen in the immutable code launched on day 1. We’ve heard the community discussion over the last few months and the lack of clear communication around this. We’ll state now in…
— LayerZero Labs (@LayerZero_Labs) December 7, 2023
Following the news, JTO’s price did not plummet despite the anticipated airdrop sell-off; instead, it surged continuously over the past 24 hours. The highest price recorded on Binance was $4.94, before stabilizing in the $1.6 - $3.5 range. The upward trend appears to be resuming, pushing JTO’s market cap to $402 million.
1H Chart of JTO/USDT Pair on Binance as of 10:40 PM on 08/12/2023
As announced at the end of November, the total supply of JTO is capped at 1 billion, with the circulating supply currently at 115 million. Out of this, approximately 80 million tokens were allocated for the airdrop to the community, early contributors, and protocol validators.
Regarding the staking mechanism on Jito, users can lock a certain amount of SOL to receive equivalent JitoSOL tokens. These tokens can then be used in various DeFi platforms (Orca, Raydium, Karmini, MarginFi, Meteora, Drift, Solend) to accumulate additional rewards.
According to data from Defi LIama, Jito has attracted over 6.4 million SOL, equivalent to around $460 million, to its platform. Additionally, Jito Labs, the development team behind Jito, operates one of the largest client software for the Solana blockchain.
TVL Fluctuations for Jito This Year. Source: Defi LIama
In the midst of the recent airdrop mania from several Solana ecosystem platforms, including Pyth Network, Jupiter, and Jito, SOL has reached a new high for the year after a prolonged period of stagnation.
1h Chart of SOL/USDT Pair on Binance as of 10:50 PM on 08/12/2023
