Crypto News – The popular token airdrops into the recently revived Solana ecosystem continued on Thursday with the introduction of the JTO token by Jito, a Solana-based cryptocurrency-staking enterprise.
Airdrop Excitement in JTO Coins: JTO Already Nearing $3
On several decentralized exchanges headquartered in Solana, the new asset started trading for $1.20 and gradually increased in value towards $2. On the perpetual futures trading platform Aevo, the debut price beat futures dealers’ prelaunch forecasts of roughly $1.50 per token. JTO coin, which Coinbase and Binance are also considering listing, is worth 3.04 dollars at the time of writing.
The debut of the token coincides with the Solana ecosystem experiencing a sharp increase in both price and popularity. With most of the price increase occurring since mid-October, Solana’s SOL has increased by 542% per year. With token airdrops that could spur even greater interest in their own goods, some on-chain protocols are attempting to capitalize on these advantageous circumstances.
Jito‘s treasury and fee rates are subject to some degree of control by the holders of JTO, a governance token. Airdrops, which begin with 4,941 tokens and increase in value based on how much a user uses the protocol’s liquid staking token (LST), jitoSOL, are being given out as rewards to previous users.
For Solana users who wish to trade and borrow against the SOL tokens they have locked up with validators, Jito is the second-largest LST protocol. Its principal asset, JitoSOL, functions essentially as a depository receipt for staked SOL. It makes extra money from Jito‘s MEV-style blockspace auctioning method in addition to yield from the Solana network’s staking procedures.
Jito Labs CTO Zano Shermani stated on Thursday that Solana’s growth is also being aided by all those airdrops. The next wave of enterprises, he claimed, had learned from those who came before them, releasing assets with pretty bad tokenomics in the middle to late 2021 during Solana’s previous bull market.