The Jito (JTO) token from Jito Labs has stabilised around $2.9, following a peak of $4.39 on Coinbase.
Initially listed as “Experimental” on the platform, the label is assigned to new or low-volume assets – the exchange has cautioning users about potential risks like price volatility and order cancellations.
Quick math tells us that early investors have potentially gained a 30x profit at its peak.
Despite a $450 million market cap and signs of a slowdown, trading activity remains robust.
What is Jito Network?
The Jito Network boosts the Solana ecosystem with JitoSOL liquid staking and MEV products.
Users can swap SOL to JitoSOL, enjoying the benefits of SOL’s liquidity and DeFi capabilities with extra staking rewards.
JitoSOL also gives holders earnings from transaction fees on Solana.
MEV, or Maximum Extractable Value, is about potential profits from transaction order.
The Jito Foundation tackles the negative effects of MEV by introducing an open-source validator client.
This client uses an auction system, letting traders bid for the right to get MEV from each block.
JTO, the Jito Network’s own token, lets holders guide the network’s growth.
Their duties include setting JitoSOL staking pool fees, adjusting StakeNet program details, managing the DAO’s treasury, and helping improve Jito’s protocols.
JTO holders will then play a crucial role in keeping the network relevant in the Solana ecosystem.
Related: Jito Labs’ Upcoming Airdrop, Token Claim, And What to Expect