Jito, a Solana-based project focused on crypto staking, recently launched its JTO token. This new token is making waves in the revitalized Solana ecosystem, kicking off trading at $1.20 and quickly climbing to nearly $2 on various decentralized exchanges within the Solana network. Both Coinbase and Binance have plans to list this token, adding to its growing popularity.
JTO serves as a governance token for Jito, granting holders influence over the protocol's treasury and fee structures. To reward previous users, Jito is offering airdrops starting at 4,941 tokens, increasing based on their usage of the liquid staking token, jitoSOL. Jito is the second-largest protocol for Solana users looking to trade and borrow against staked SOL tokens, with jitoSOL acting as a receipt for these staked tokens. It generates profits through the Solana network's staking processes and additional revenue from Jito's unique approach to auctioning blockspace.
The token's launch aligns with Solana's resurgence, with SOL's price soaring 542% year-to-date, particularly since mid-October. Many projects within the ecosystem are capitalizing on this momentum through airdrops, driving further engagement in their platforms.
According to Jito Labs CTO Zano Shermani, these airdrops are fueling Solana's growth. He highlighted that newer projects have learned from past mistakes, avoiding the issuance of tokens with unfavorable economics during Solana's previous bull market in 2021.
Only 10% of the total JTO supply is set aside for airdrops, with recipients having an 18-month window to claim their tokens. Any unclaimed tokens will enter a treasury managed by Jito's decentralized autonomous organization (DAO), overseen by JTO holders. The remaining token supply is designated for Jito's investors, contributors, and ecosystem enhancements.
