© Reuters
SAN FRANCISCO – Leading cryptocurrency exchange Coinbase (NASDAQ:) is expected to list JITO, a new governance token, on the Solana network today. The move follows a significant 60% rally in the price of the Solana coin over the past month, with its market valuation now at around $27 billion. The listing comes after Coinbase CEO Brian Armstrong praised Solana for its operational capabilities.
Coinbase’s latest addition, JITO, will serve as the governance token for the Jito Network, focusing on decentralized governance and minimizing Maximum Extractable Value (MEV) issues. . The network is recognized as a major player in the Solana ecosystem, holding the second largest position by Total Value Locked (TVL).
In anticipation of the listing, Coinbase Assets announced that JTO-USD trading will begin today after meeting liquidity conditions at or after 11 a.m. Eastern Time. However, access to trading may vary between different regions.
Jito Network has planned to airdrop JITO tokens to qualified contributors in its ecosystem. This airdrop is scheduled for today and is expected to distribute 10% of JITO’s total 1 billion supply. The tokens will grant holders influence over key network decisions including determining fees for the JitoSOL staking pool and treasury management. The token allocation also aims to support community growth (34.3%), ecosystem development (25%), core contributors (24.5%), and investors (16.2%, awarded over three years).
Jito’s token launch is seen as part of an expansion strategy amid Coinbase’s plans for a broader Solana integration. Despite the recent challenges the Solana network faced due to the fall of FTX affecting investments, blockchain has received renewed interest from developers, who favor efficient and effective platforms. Its cost-effective to build applications. This resurgence in developer activity comes with attention from mainstream companies like Visa and Shopify, which have shown interest in integrating with Solana.
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