- The Jito Foundation has launched its much-awaited airdrop.
- The campaign distributed JTO tokens worth millions of dollars.
- Select user groups in the Solana ecosystem are eligible to claim the tokens.
Solana-based decentralized finance (DeFi) platform Jito has launched its much-awaited crypto airdrop campaign, distributing free tokens worth millions of dollars to Solana users.
On November 27, the Jito Foundation announced its plan to create 1 billion Jito (JTO) tokens to facilitate governance on its DeFi protocol. Per the announcement, the token would enable the Jito Network to oversee revenue, manage its DAO treasury, and establish fees for the JitoSOL staking pool.
Jito Airdrop Kicks Off
The 90 million JTO airdrop launched officially on December 7 at 4 pm UTC, introducing the JTO token at a starting price of $6.01, according to data captured on CoinGecko.
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While the initial price gave the 90 million tokens allocated for the airdrop a staggering value of $540 million, a significant drop to $3 moments after launch brought the value down to $225 million.
As of press time, the token was trading at $3.53.
According to some keen observers, the JTO airdrop is a significant benefit for users in the Solana DeFi ecosystem, thanks to the campaign’s design, which aims to make the tokens as distributable as possible. This aims to encourage user activity on Solana and reduce the risks of whale concentration.
As of December 8, over 63 million of the 90 million JTO tokens have already been claimed by users. Those eligible to claim the tokens include JitoSOL holders, Jito’s MEV service users, and Solana validators operating Jito MEV clients.
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