Jito, a decentralized finance (DeFi) platform built on the Solana blockchain, started its highly anticipated giveaway on Thursday. The platform distributed approximately $225 million worth of free tokens to Solana users globally.
Jito announced the airdrop and launch of its token last month. During the airdrop launch on Thursday at 11:00 a.m. EST, JTO started at $6.01, as reported by CoinGecko.
This initial value gave the 90 million tokens allocated for the airdrop a substantial valuation of $540.9 million. However, CoinGecko later noted a significant drop in the token’s price to $3 at the time of the report.
On the other hand, alternative cryptocurrency data platforms such as CoinMarketCap and Coinbase showed less drastic fluctuations in JTO’s value. According to these sources, the token began trading below $2, suggesting a different narrative where the price has increased since the Thursday morning airdrop.
The airdrop is a significant benefit for users involved in Solana’s decentralized finance (DeFi) ecosystem. As of today, more than 63 million out of the 90 million JTO tokens available have already been claimed by users, as reported by SolScan.
Those eligible to claim tokens include JitoSOL holders, Solana validators operating Jito MEV clients, and Jito’s MEV service users. Jito plans to distribute more tokens in future airdrops, as their roadmap outlines.
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