Jito, a prominent protocol within the Solana blockchain ecosystem known for its substantial total value locked, recently unveiled its governance token. This launch aligns with the increasing trend of airdrops on this layer 1 blockchain.
The introduction of this token, known as JTO, is not just a token distribution but also a gesture of appreciation towards the Jito community for their significant role in developing the network. It further serves to enhance active governance involvement. JTO token holders are empowered with the ability to influence key decisions within Jito’s decentralized autonomous organization, including matters related to staking pool fees, treasury management, and the direction of ongoing development efforts.
Jito price and the airdrop
At the time of its debut, the JTO price was hovering at approximately $2.04, and boasted a market capitalization of around $242 million. On Gate.io only the token has quickly exceeded a trading volume of $5m and kept shooting up until the standard new launch correction. This token has garnered attention and support from major centralized exchanges, including Coinbase, Bybit, and MEXC, all of which have listed JTO for trading.
The launch of Jito’s token comes at a time when the Solana ecosystem is experiencing a resurgence. The total value locked within Solana, which represents the amount of crypto assets deposited on the blockchain, has seen a significant 115% increase over the past month, reaching about $700 million. This growth rate surpasses that of several other blockchain networks like Ethereum, Avalanche, and Tron. Interestingly, Jito’s token launch occurred nearly two weeks after another notable Solana-based airdrop from a blockchain oracle firm, Pyth.
JTO’s airdrop includes an 18-month claiming period and represents 10% of the total JTO supply. Any tokens that remain unclaimed after this period will be directed to a treasury, which is under the governance of Jito’s DAO and managed by JTO token holders.
Jito, established in late 2022, is a liquid staking platform on the Solana blockchain. It offers users the ability to stake their SOL tokens, which are then locked up in validators to help secure the network. Moreover, Jito provides liquidity to its stakers by issuing JitoSOL, a liquid staking token that symbolizes the stakers’ initial deposit and any rewards accrued over time.
What is Jito?
Jito offers a non-custodial liquid staking service for Solana, which allows users to unlock liquidity on their staked SOL while maintaining custody of their funds. By staking with Jito, users can earn additional MEV rewards through a process that involves depositing SOL into a pool, delegating it to MEV-enabled validators, and redistributing MEV rewards as extra annual percentage yield (APY).
The Jito MEV network, consisting of validators, has gained significant traction, accounting for over 40% of the Solana network’s stake weight. This showcases the practical impact of Jito Labs in addressing MEV-related issues on the Solana blockchain.
Jito vs Lido
Jito and Lido are both involved in the realm of liquid staking, but they cater to different blockchain ecosystems and have distinct operational models. Jito is specifically tailored for the Solana blockchain. It focuses on maximizing the benefits of Maximum Extractable Value (MEV) for stakers and the network. Through its unique approach, Jito allows Solana token holders to stake their SOL and receive liquid staking tokens in return (JitoSOL), which represent their staked assets and accrued rewards. This process enables Solana holders to maintain liquidity while their assets are staked.
On the other hand, Lido operates across multiple blockchains, including Ethereum, Terra, and Solana. Lido’s primary offering is similar – it allows users to stake their tokens (like ETH, SOL, etc.) and receive staking derivatives (stETH, stSOL, etc.) in return. These tokens represent the staked assets plus rewards and maintain liquidity for the staker. However, Lido’s approach is more generalized across different blockchains and does not specifically focus on maximizing MEV rewards like Jito does for the Solana ecosystem.
The key difference lies in Jito’s specific focus on Solana and its emphasis on leveraging MEV, whereas Lido provides a broader, multi-blockchain liquid staking solution without a specific focus on MEV. This specialization allows Jito to tailor its services and optimizations to the unique aspects of the Solana blockchain, potentially offering more efficient outcomes for users within the Solana ecosystem.
How to buy JTO?
Buying Jito is identical to buying any other cryptocurrency. The token is available on multiple crypto exchanges and was initially launched on Gate.io which is notoriously known for fast onboarding of the most prominent tokens as soon as they go live. With that in mind, simply head over to any major crypto exchange of your preference, create an account, pass KYC, buy USDT and then purchase JTO on the open market. You can also follow how to buy JTO instructions that make the process extremely clear and straightforward. See you on the other side!