Solana-based Debutant JITO Exceeds $1.1B In Single-day Trading Volume

JITO Token Witnesses $1.1 Billion of Trading Volume in First Day

Solana-based liquid staking protocol, JITO, recently experienced a remarkable trading volume of $1.1 billion in just a single day. This milestone achievement came after the JITO token was listed on the cryptocurrency exchange Bitget.

JITO is an integral part of the Jito ecosystem, which is built on the robust Solana blockchain. The token gained significant traction immediately after its listing, and its impressive trading volume speaks volumes about the enthusiasm surrounding this emerging project.

The JITO governance tokens were airdropped to users last week, adding to the excitement and interest surrounding the protocol. This airdrop allowed early users to benefit from the JITO ecosystem and provided allocations for validators and other contributors to the protocol.

When trading commenced, the JITO token started at around $2 and has since increased in value by approximately 43%, according to TheBlock data. It is currently being traded at $3.36, showcasing its potential for growth and the confidence investors have in the project.

The total supply of JITO tokens is capped at 1 billion, with 115 million currently in circulation. Out of this total supply, 80 million were allocated for the community airdrop, ensuring that early adopters and participants in the ecosystem are rewarded for their support.

At the time of reporting, more than 9,800 users who interacted with the JITO protocol and staked SOL received a minimum of 4,941 JTO tokens, equivalent to approximately $14,000. TheBlock also reported that JITO has over 6.4 million SOL locked in, which is equivalent to around $460 million.

The significance of JITO lies in its ability to enable users to deposit SOL in exchange for the derivative JitoSOL. This serves as a receipt token for participants in the staking process, providing them with a tangible representation of their involvement in the protocol.

The Solana ecosystem, on which JITO is built, is currently experiencing a significant upward movement. It has benefited from key developments in its blockchain network, including the rise of NFT collections and airdrop events. These factors have contributed to a confident and engaged user base within the Solana community.

In terms of price action, Solana’s native cryptocurrency, SOL, experienced a 4.90% drop in price and a 31.55% decline in trading volume in the last 24 hours, as reported on Sunday morning.

The remarkable trading volume achieved by JITO in its first day of trade demonstrates the growing interest and potential of the project. As the Solana ecosystem continues to thrive and attract more participants, JITO is poised to be a key player in the world of decentralized finance and liquid staking.