Trading volume of the protocol’s liquid-staking Jito (JTO) token on Solana on the first day after listing on exchanges reached $1.1 billion. Data from CoinGecko show.
Initially, JTO traded as high as $6, but later cooled to $2.9. At the time of writing, the asset’s market capitalization stands at about $355 million.
The total supply of the token is 1 billion tokens, of which about 115 million JTO are currently in circulation.
Among them, 80 million tokens were set aside for an airdrop for early users of the protocol, as well as for separate allocations for validators and other community members.
The ability to claim the distribution became available on December 6, with roughly 9,800 addresses eligible to receive tokens.
Jito is building infrastructure to mitigate the adverse effects of MEV bots on the core ecosystem. According to the developers, the JitoMEV validator network oversees 40% of the assets locked in Solana.
According to DeFi Llama, the protocol’s TVL stands at about $466.8 million.
In November, Jupiter, the Solana-based decentralized exchange aggregator, announced the retrodrop among 955,000 wallets.