Solana-based decentralized finance (DeFi) platform, Jito, initiated a major airdrop, distributing around $225 million in tokens to the global Solana user base. The airdrop, featuring the newly introduced Jito (JTO) token, began on Thursday at 11 am EST (4 pm UTC) with an introductory value of $6.01 per token, valuing the airdrop at over half a billion dollars.
Despite an impressive start, the token experienced a sharp drop shortly after launch, plummeting to under $2. At the time of writing on Friday, the JTO token stabilized just below $3, trading at $2.91 according to CoinGecko.
Benefits for Solana DeFi Users
While market fluctuations occurred, the airdrop remains a significant benefit for Solana DeFi users. Over 63 million JTO tokens have already been claimed, leaving 27 million available out of the initial 90 million. Eligible recipients include JitoSOL holders, Solana validators using Jito MEV clients, and users of Jito’s MEV services.
So you claimed your $JTO, but now what?
We built a DeFi Guide that can help you figure it out!https://t.co/Gx5pYgjl9o pic.twitter.com/IUB52O9ML7
— Jito (@jito_sol) December 7, 2023
Jito plans to conduct additional token airdrops in the future, following its roadmap. However, the airdrop launch faced technical difficulties, with reports of a Distributed Denial-of-Service (DDoS) attack on Jito’s website. DDoS attacks involve overwhelming a site with traffic to disrupt functionality. The motive behind the attack remains unclear.
Token Plans and Foundation Disclosure
The Jito Foundation revealed plans on November 27 to create 1 billion JTO tokens for governing the Jito Network. Of these, 115 million JTO tokens are in circulation, with allocations for community growth, ecosystem development, core contributors, and investors.
Despite the initial hurdles, the Jito token airdrop marks a substantial move in strengthening the Solana DeFi ecosystem.
