Jito Foundation will airdrop over $250 million

Decentralized finance (DeFi) protocol Jito has announced the launch of an airdrop for Solana users. The project allocated 100 million JTO to award rewards for activity.

1. $JTO Airdrop Claim Opens Tomorrow!

The airdrop claim window will open on December 7th, 2023 at 11am ET (Token Generation Date).

Any eligible airdrop recipients will be able to claim their JTO tokens for 18 months, starting on the Token Generation Date. pic.twitter.com/7vRIxdiD3h

— Jito (@jito_sol) December 6, 2023

According to representatives of the Jito Foundation, JitoSOL holders, validators and users of the Jito MEV service will be able to claim a reward.

After the announcement of the launch of the airdrop and listing of the JTO token on exchanges, the value of the asset increased to $6.01, according to CoinGecko. The JTO rate subsequently corrected below $2. At the time of publication, the asset is trading near $2.82.

Trading pair JTO/USDT. Source: CoinGecko.

Considering the current value and the number of JTO tokens allocated for awarding, participants in the activity will receive more than $250 million.

According to the analytical platform Solscan, users have branded around 60 million JTOs at the time of writing. Meanwhile, some participants expressed dissatisfaction with the distribution mechanics due to the “disproportionate accrual of rewards to those who transferred huge amounts to Jito.”

Mostly disagree with this $JTO take

The @jito_sol airdrop has purposefully been engineered to be as distributed as possible, both to encourage users of Solana and to prevent whale concentration.

Yes, the sybil situation is not great, I would have been better off splitting my… pic.twitter.com/O3Zi62mjq9

— pickle (@Pickle_cRypto) December 5, 2023

Investors in the protocol include the venture fund Solana Ventures and co-founder of Solana Labs Anatoly Yakovenko. In 2022 the project attracted $10 million in Series A funding round.