a Binancethe largest cryptocurrency broker on the market, has announced that it is launching the Thrush (JTO), a governance token of the Jito network. The announcement, which follows its listing on other major exchanges such as Coinbase and BitGet, caused the token to almost double in price. an increase of 80% in the last 24 hours.
According to a statement from Binance, the token will be listed in pairs JTO/USDT, JTO/FDUSD It is JTO/TRY. Additionally, users can deposit JTO on the platform, with the option to withdraw starting today, December 8.
Binance also highlighted the nature of Jito, indicated by applying the Seed Tag to the token. Such an assessment suggests a potential for greater volatility compared to other tokens listed on the platform.
“JTO is a relatively new token that carries higher than normal risk and as such is likely to be subject to high price volatility. Please ensure you apply adequate risk management, have done your own research into the fundamentals of the JTO and fully understand the project before choosing to trade the token.” – says Binance.
Another notable development is the inclusion of JTO as a loan-eligible asset in the Binance Isolated Margin framework, with the JTO/USDT margin pair becoming available within 48 hours of listing initiation.
This addition aims to provide traders with greater diversity in their trading strategies and more options within the Isolated Margins category.
What is Jito?
Jito (JTO) is a governance token for the Jito network and provides staking services on Solana.
It allows investors to stake Solana (SOL) in exchange for the protocol’s JitoSOL token, which can be traded or used as collateral – similar to how Lido’s staked ether (stETH) product works.
With an open-source Solana validator client, stakers have the opportunity to earn rewards by staking Solana, while also approximating Maximum Extractable Value (MEV) using advanced MEV software.
Airdrop of $165 million
Earlier this week, the Jito Foundation, the nonprofit company developing the Jito network, released an airdrop plan promising to distribute up to 165 million to users.
Qualified users have already received 4,941 tokens each, with some receiving up to 104,000 tokens depending on interaction with the protocol.
The foundation distributed 80% of the distribution to users participating in the Jito Points program, which started in January and ended in November. Wallet addresses that had 100 Jito Points before November 25 were eligible to receive the tokens.
Additionally, 15 million tokens were distributed to validators operating the Jito-Solana client. Validators who were early adopters and actively contributed to the launch of the Jito-Solana client will receive a larger token allocation.
According to data from DefiLlama, the platform is the second largest DeFi protocol on Solana, with a total value (TVL) of $480.12 million.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
