Coinbase set to list Solana-based JITO token, plans airdrop

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Coinbase set to list Solana-based JITO token, plans airdrop
Credit: © Reuters.

SAN FRANCISCO - Leading cryptocurrency exchange Coinbase (NASDAQ: COIN ) is slated to list JITO, a new governance token, on the Solana network today. This move follows a significant 60% rally in the price of Solana's coin in the past month, with its market valuation now standing at approximately $27 billion. The listing comes after Coinbase CEO Brian Armstrong praised Solana for its performance capabilities.

Coinbase's latest addition, JITO, will serve as the governance token for the Jito Network, which focuses on decentralized governance and mitigating Maximum Extractable Value (MEV) issues. The network is recognized as a key player within the Solana ecosystem, holding the position of second-largest by Total Value Locked (TVL).

In anticipation of the listing, Coinbase Assets announced that trading of JTO-USD would commence today after meeting liquidity conditions at or after 11 AM Eastern Time. However, access to trading may vary across different regions.

The Jito Network has planned an airdrop of JITO tokens to eligible contributors within its ecosystem. This airdrop is scheduled for today and is expected to distribute 10% of JITO's 1 billion total supply. The tokens will grant holders influence over important network decisions including fee determination for JitoSOL stake pool and treasury management. The allocation of tokens also aims to support community growth (34.3%), ecosystem development (25%), core contributors (24.5%), and investors (16.2%, vested over three years).

Jito's token launch is seen as part of an expansion strategy amid broader plans by Coinbase for Solana integration. Despite recent challenges faced by the Solana network due to FTX’s collapse affecting investments, the blockchain has seen renewed interest from developers who favor its efficient and cost-effective platform for building applications. This resurgence in developer activity comes alongside attention from mainstream companies such as Visa (NYSE: V ) and Shopify (NYSE: SHOP ), which have shown interest in integrating with Solana.

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