Navigating Solana’s JTO Coin Rollercoaster: Key Insights You Should Be Aware Of

Jito Amasses $3B in FDV

Jito’s fully diluted market capitalization now exceeds $3 billion, taking Solana’s center of attention. The JTO token has surged over 100% in 24 hours after its airdrop, and the tremendous price uptick has significantly benefited SOL users.

Jito, developed by Jito Labs—a major node operator for Solana—is the newest liquid staking protocol and the second-largest in terms of TVL, only surpassed by Marinade. Currently, Jito boasts over 6.4 million SOL locked in, equivalent to around $460 million.

The token experienced a significant trading volume of $1.1 billion within 24 hours after being airdropped to community members, trading at $1.9 and surging to $3.50, over 100% in 24 hours. The price has since retraced, and it’s currently trading at $3.39.

The rise in SOL’s value can also be attributed to the Jito airdrop, which distributed 10% of the total supply of 1 billion JTO tokens to eligible Solana users. Some users gained significant amounts of the JTO token by previously staking small amounts of SOL. At least 9,000 users who interacted and staked SOL received a minimum of 4,941 JTO tokens.

The Hype Surrounding Jito

Jito is one of the hottest topics in the Solana ecosystem, allowing users to deposit SOL in exchange for the derivative JitoSOL, representing participation in the staking process. The hype primarily centers on the protocol’s underlying technology and the combination of liquid staking and MEV (miner extractable value) optimization.

Solana has faced significant challenges related to MEV, including network congestion and disruptions caused by spam transactions. Jito’s relayer acts as an independent transaction processing unit that alleviates the burden on validators, enhancing network stability. The critical role of the Jito validator is to optimize the MEV market and provide a strong defense against spam transactions.

Jito’s total supply is capped at 1 billion tokens, with 115 million currently in circulation. Of these, 80 million were allocated for the community airdrop, benefiting early users, validators, and other contributors.