Jito token witnesses $1.1 billion of trading volume in first day
Quick Take
- The token of the liquid staking project Jito saw $1.1 billion in trading volume during the past 24 hours.
- The token was rolled out yesterday and distributed to community members.
- Jito began trading at around $2, increasing by about 45% to $2.90.
The governance token of the Solana-based liquid staking protocol Jito crossed a trading volume of $1.1 billion within a day of going live.
Yesterday, the project released the Jito token, distributing it to community members and enabling decentralized governance.
Soon after its roll-out, the token began trading around the $2 mark and has since risen in value by nearly 45%, according to The Block's Price Page. The token is currently changing hands at $2.9, translating to a fully diluted market capitalization of $2.9 billion.
The total supply of Jito tokens is capped at 1 billion, with 115 million currently in circulation.
Of these, 80 million were earmarked for the community airdrop, benefiting early users, as well as separate allocations for validators and other protocol contributors.
Some 9,800 users who interacted with the protocol and staked SOL received a minimum 4,941 JTO, equivalent to nearly $14,000 at the time of reporting.
Jito allows users to deposit SOL, Solana’s native cryptocurrency, in exchange for the derivative JitoSOL, serving as a receipt token for participants in the staking process.
It has over 6.4 million SOL locked in, equivalent to about $460 million. Jito Labs, the core developer behind Jito, also operates major client software for the Solana blockchain.
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