Solana-based liquid staking protocol Jito’s governance token surpassed $1.1 billion in trading volume within one day of launch.
Yesterday, the project launched the Jito token, distributing it to community members and enabling decentralized governance.
According to The Block’s pricing page, shortly after launch the token began trading around $2 and has since risen in value by nearly 45%. The token is currently trading at $2.9, which translates to a fully diluted market capitalization of $2.9 billion.
The total supply of Jito tokens is limited to 1 billion, with 115 million currently in circulation.
Of these, 80 million were allocated in a community airdrop to benefit early users, as well as separate allocations for validators and other protocol contributors.
Approximately 9,800 users who interacted with the protocol and staked SOL received at least 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 derived JitoSOL, which acts as a receipt token for participants in the staking process.
More than 6.4 million SOLs are locked, equivalent to approximately $460 million. Jito Labs, the core developer of Jito, also operates the primary client software for the Solana blockchain.
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