• Mon. Jun 24th, 2024

Jito Airdrop Approves Tokens Worth $225 Million To Solana Users

Maria Bartiromo

ByMaria Bartiromo

Dec 8, 2023

Latest update has it that Jito, a decentralized finance (DeFi) platform, has made history by launching a massive airdrop on the Solana blockchain. Eligible users will receive tokens worth $225 million. The large airdrop of 90 million tokens has generated a lot of excitement and interest in the cryptocurrency community.

The airdropped tokens have recently had one of the most significant token distributions, with a total value of $540 million based on their current market price. Jito’s move to give away free tokens to qualified Solana users has drawn notice as a calculated attempt to improve user interaction and encourage involvement in its ecosystem.

Data extracted from CoinGecko shows that the JTO token price will likely drop by more than 55% to reach $2.50. As of press time, the cost of JTO has risen and currently trades at  $2.93, declining by 50% from its original launch price. Update from CoinGecko says that the said airdrop started on Thursday, at 11 AM EST, debuting at $6.01.

Reasons For Adding More Tokens Explained, Users Activities Improved 

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The token’s initial trading price was less than $2, according to data retrieved from CoinMarketCap, indicating a rise in value since the airdrop started. This increase implies that the airdrop has already attracted a lot of attention and trading activity, increasing the token’s market value faster.

As part of the airdrop, the Jito DAO, renowned for its decentralized autonomous organization structure, has introduced a governance token. With this addition, the platform’s decentralized decision-making process is improved, and token holders are given more opportunities to influence Jito’s future actively.

The report says that $490 million worth of JTO tokens are being airdropped into the platform’s treasury. Tokens are being added to the treasury to finance upcoming projects, encourage user involvement, and guarantee the Jito ecosystem’s sustainability.

Solana Community Impressed, Extra JTO Units To Drop Soon

Jito’s decision to distribute tokens on the Solana blockchain is noteworthy in light of the blockchain’s reputation for quick transactions and inexpensive fees. Solana was selected as the airdrop’s blockchain, demonstrating Jito’s dedication to giving customers a smooth and practical experience. Investigation into the trend shows that Jito seems well-positioned to overcome obstacles and create a robust ecosystem with a governance token and a sizable treasury value.

The recent airdrop is considered a significant development for the Solana DeFi community, which has already accumulated 54 million units out of the 90 million units of JTO tokens from the latest airdrop. Holders of JitoSOL, Jito’s MEV users, and Solana validators who operate Jito MEV (Maximum Extractable Value) customer services are qualified to get the JTO token that was airdropped.

In its latest update, the protocol mentioned that it will be airdropping extra JTO units of tokens in the future. Describing the workings of the Jito protocol, analysis on the CryptoDaily platform says that the protocol works according to how much address the JitoSOL liquid staking token holds or lends to the DeFi protocol.

This is by the users’ search for the MEV. Information from Jito developers says that JTO token will be in charge of the Decentralized Autonomous Organization (DAO) and treasury staking platform. Jito is said to have the propensity to help users stake their SOL token, exchanging it for a JitoSOL token before being used as collateral.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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