Solana Based JTO Token Skyrockets Following Unique Airdrop Event

By: Eva Baxter

The crypto universe is buzzing about Jito's JTO, a liquid staking token based on the Solana blockchain. JTO's impressive 85% surge came after debuting on various major exchanges like Coinbase and Binance.

After distributing 90 million units of the JTO token to its early adopters as part of a unique airdrop, JTO's value soared to over $3, before retracing to $2.90 at press time. Market capitalization stood at a hefty $333 million with a trading volume of $1.4 billion. This airdrop strategy has been well-received, encouraging greater participation from retail traders in Solana's decentralized finance (DeFi) ecosystem.

The JTO token promises to play a pivotal role in governing the DAO activities within the Jito staking protocol. On this platform, users can stake their SOL tokens with validators contributing to effective block organization, earning them JitoSOL tokens. Data suggests approximately 75,000 users are earning 7% rewards, with a total value of locked assets at 6.4 million SOL, or $455 million.