Jito token witnesses $1.1 billion of trading volume in first day

Solana-based liquid staking protocol Jito’s governance token exceeded $1.1 billion in trading volume within a day of going live.

Yesterday, the project released the Jito token, distributed it to community members and enabled decentralized governance.

Shortly after the rollout, the token started trading around $2 and has since risen in value by almost 45%, according to The Block’s Price Page. The token is currently changing hands at $2.9, which translates to a fully diluted market cap of $2.9 billion.

The total supply of Jito tokens is limited to 1 billion, of which 115 million are currently in circulation.

Of these, 80 million were for the community airdrop, serving early users, as well as separate allocations for validators and other protocol contributors.

Approximately 9,800 users who interacted with the protocol and deployed SOL received at least 4,941 JTO, equivalent to almost $14,000 at the time of reporting.

Jito allows users to deposit SOL, Solana’s native cryptocurrency, in exchange for the derivative JitoSOL, which serves as a receipt for participants in the staking process.

It holds more than 6.4 million SOL, equivalent to approximately $460 million. Jito Labs, the core developer behind Jito, also operates major client software for the Solana blockchain.