Solana-based decentralized finance (DeFi) platform Jito has initiated its highly anticipated airdrop, distributing around $225 million worth of tokens to Solana users worldwide.
The airdrop started on Thursday at 11 am EST (4 pm UTC), introducing the Jito (JTO) token with an initial price of $6.01, according to CoinGecko. This initial valuation placed the 90 million tokens allocated for the airdrop at a market capitalization exceeding half a billion dollars.
However, shortly after the launch, CoinGecko reported a significant decline in the token’s value, causing it to drop to less than $2.
As of the current writing on Friday, Jito (JTO) has stabilized just below the $3 mark, trading at $2.91, according to CoinGecko.
Despite the initial price fluctuations, the airdrop represents a significant benefit for Solana DeFi users. Over 63 million JTO tokens have already been claimed, leaving 27 million out of the 90 million initially made available, as reported by SolScan.
Eligible recipients for the airdrop include JitoSOL holders, Solana validators utilizing Jito MEV clients, and users of Jito’s MEV services.
Jito has plans to carry out additional token airdrops in the future, aligning with its outlined roadmap.
DDoS attack
During the token airdrop, Jito experienced some technical difficulties, as reported by community members on X. The platform’s website reportedly faced a Distributed Denial-of-Service (DDoS) attack, where malicious actors overload the site with traffic to disrupt its functionality.
The motive behind the attack remains unclear, but similar incidents have been reported in the crypto space in the past. Such attacks are often orchestrated by scammers attempting to ransom affected projects for the restoration of their website’s functionality.
Token plans announced in November
The Jito Foundation, on November 27, unveiled plans to create 1 billion JTO tokens to support the governance of its Jito Network. The tokens will facilitate tasks such as setting fees for the JitoSOL staking pool, managing revenue, and overseeing the DAO treasury.
As per the initial announcement, 115 million JTO tokens will be in circulation. The allocation plan designates 34% of the tokens for community growth, 25% for ecosystem development, 24.5% for core contributors, and 16% for investors.
