The rising performance of Solana, thanks to significant developments in the blockchain network, has attracted the attention of many investors. The increase in NFT collections within the Solana ecosystem and airdrop events continue to please its users. In this context, the management token of Jito, a Solana-based liquid staking protocol, surpassed $1.1 billion in trading volume within 24 hours after its launch on December 7th.
Following the announcement of an airdrop last week, the Jito Protocol team launched the Jito token on December 7th and distributed it to eligible community members. This move also activated decentralized governance in the Jito Protocol.
Shortly after the Jito token was launched, it started trading at around $2 and saw an approximate 45% increase in price from the initial time. According to CoinGecko, the token is currently trading at around $2.9, indicating a market value of $2.9 billion.
The total supply of Jito tokens is limited to 1 billion according to the token economy, and currently, only 115 million tokens are in circulation. Of these tokens, 80 million were allocated through airdrop events to early users, validators, and other contributors to the protocol based on various criteria.
Approximately 9,800 platform users interacted with the protocol and deposited any amount of SOL; as a result, users earned at least 4,941 JTO tokens worth about $14,000 at the time of reporting. The Jito team offers a derivative called JitoSOL, which serves as a proof token for those who participate in the staking process in return for depositing SOL.