Jito: Solana Project with Exchange Debut on Coinbase and Binance

Jito (JTO) has been trading on major crypto exchanges such as Coinbase and Binance since last week. Jito’s debut is attracting a lot of attention because JTO is part of the second largest DeFi project in the Solana (SOL) ecosystem.

Jito (JTO) celebrated a successful stock market debut last Thursday evening and is currently trading at just under $3. It certainly helped that both Binance and Coinbase listed Jito right at the start. With a current market capitalization of just over $330 million, JTO seems to be within reach of becoming one of the 100 most important cryptocurrencies.

JTO is the governance token of Jito, the second largest DeFi project in the Solana (SOL) ecosystem according to DeFiLlama data. Coinbase announced a few days ago that it would integrate Solana more deeply and is now underlining this by supporting Jito. Solana’s price curve also benefited from the JTO debut with a daily increase of 13% and a new annual high of just over $72.

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Jito is part of the liquid staking segment

The project allows investors to use SOL in a Jito staking pool, which should then achieve higher returns than a normal Solana staking pool. According to its website, Jito expects an annual interest rate of just under 7 percent for the Solana invested. Jito currently holds a good 6 million SOL, worth the equivalent of around $450 million. Coinbase and Binance are now both listing JTO in their sections for new, particularly high-risk projects.

An airdrop will take place at the same time as JTO’s IPO. JTO will be issued free of charge to early users of Jito. 10 percent of all JTO have been reserved for this airdrop and Jito explains the details in this blog post. Other Solana projects are also working on airdrops. Observers see this development as a sign that Solana and its ecosystem are continuing their upward trend and leaving the legacy of the FTX bankruptcy behind them.

Conclusion: Jito encourages Solana – Coinbase is also involved

Among the ten most important altcoins in the world, Solana has been the only one to ignite its own momentum since October. The parallel Bitcoin (BTC) rally is certainly a welcome companion. The support for the Solana ecosystem communicated and increasingly implemented by Coinbase as the leading US crypto exchange joins the ranks of cooperations with major companies such as Visa and Shopify, which also rely on Solana. SOL is currently on a roll and can hope to continue.

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(Featured image by Kanchanara via Unsplash)

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