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

Solana-based liquid staking protocol JITO witnessed a trading volume of $1.1 billion in its single day of trade.

What Happened: Crypto exchange, Bitget listed the JITO token from the Jito ecosystem of liquid staking built on the Solana blockchain. Post listing and trading, the token saw a significant $1.1 billion in its single-day trading volume of going live. The JITO governance tokens were airdropped to its users last week.  

Immediately after trading commenced, the token was around the $2 mark and has risen since then in value by around 43% (TheBlock data) to trade at $3.36 currently.

The JITO tokens’ total supply is capped at 1 billion, with 115 million currently in circulation. Of the total, 80 million were for the community airdrop to benefit early users and provide allocations for validators and other protocol contributors.

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

Read Next: Jito’s Token Airdrop Rewards Its DeFi Enthusiasts: Here’s Everything You Need To Know

Why Does It Matter: JITO enables users to deposit SOL in exchange for the derivative JitoSOL, serving as a receipt token for staking process participants.

The Solana ecosystem is currently in a significant upward movement as it benefits from key developments in its blockchain network. NFT collections and airdrop events in the ecosystem have led to a confident user base.

Price Action: As of Sunday morning, the price of Solana (CRYPTO: SOL) had dropped 4.90% and trading volume had declined by 31.55% in the last 24 hours. 

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