Jito, a Solana-based DeFi platform, has been launched. Incredibly anticipated airdrop On Thursday morning, approximately $225 million worth of free tokens were deposited into the wallets of Solana users around the world.
When the airdrop began at 11 AM EST on Thursday, JTO debuted at a price of $6.01. CoinGecko—Values the 90 million tokens the platform is set to airdrop to loyal users at a whopping $540.9 million. The token soon fell 58% to $2.50 at the time of writing, according to CoinGecko.
However, other cryptocurrency data aggregators, including CoinMarketCap and Coinbase, have recorded that JTO has much lower initial volatility. The platform reported that the token opened below $2, suggesting that the price has risen since Thursday morning’s drop.
Either way, this airdrop is a notable benefit for Solana DeFi users, who have already acquired over 54 million of the 90 million JTO tokens secured today. SolScan. JitoSOL holders, Solana Validator running Jito MEV All clients and users of the Jito MEV service Eligibility to Claim Tokens. According to Jito, additional tokens will be airdropped in the future. roadmap.
However, there were already complaints among Solana whales that the airdrop did not proportionately benefit those who traded huge sums on Jito. Although the airdrop’s mechanism is biased to benefit users holding smaller amounts of JitoSOL, some Jito users have defended the strategy, arguing that it will encourage retail traders and provide more net profit for Solana’s burgeoning DeFi ecosystem .
Adding even more frenzy to an already busy day, Jito’s website appears to have suffered a Distributed Denial of Service (DDoS) attack. This attack allowed malicious actors to flood the site with traffic in an attempt to slow it down.
The motivation behind these attacks is unclear, but in recent weeks, a number of cryptocurrency projects have reported similar attacks on their sites, with fraudsters holding the projects to ransom to return them to functionality.
Jito’s airdrop comes on the heels of last month’s Pyth Network (PYTH) airdrop, which awarded 250 million tokens to early contributors. It was worth a total of $77 million on day one, but thanks to the growth of the cryptocurrency market, it is now worth around $170 million.
Next for Solana could be an airdrop from DeFi platform Jupiter. Jupiter will distribute JUP tokens to nearly one million eligible users. The Jupiter airdrop date has not been set yet.
Editor: Andrew Hayward
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