solana The (SOL) ecosystem is in a celebration mode today after one of its protocols, Jito Network (JTO), conducted one of its largest airdrops to date. Shockingly, the airdrop did not have the expected impact on JTO. Because the token has been on the rise, reaching an all-time high of $3.18, with a jump of up to 88% at the time of writing.
Koinfinans.com As we have noted, airdrops have historically come with a large volatility, as most token buyers tend to divest their tokens in the initial selling wave that accompanies airdrops. Jito Network’s situation looks different. Because there doesn’t seem to be a negative selling trend, as measured by steady trading volume of $1,157,253,736 over the last 24 hours.
Jito Network’s value proposition makes it an attractive token to hold. The protocol is designed to contribute to the Solana protocol through the proprietary JitoSOL liquid staking pool and related MEV products. Economically, Jito users can exchange their SOL for JitoSOL, thus “earning a return on staking while helping to preserve SOL’s liquidity and DeFi opportunities.” The first stakers in the protocol were rewarded with free tokens.
Best performance of the year cryptocurrency unit, Solana seems to be saving the best for last. As correctly predicted, Solana is heading into airdrop season with multiple projects on track to go live on the mainnet, with plans to airdrop native tokens to community members.
Solana is now trying to replicate the success of Ethereum (ETH) and Binance Smart Chain (BSC) in their early days when they launched promising tokens like Arbitrum (ARB) and became crypto unicorns. With the emotions surrounding Jito, Solana may receive an additional boost to end the year on a brighter note.