A decentralized finance (DeFi) project built over smart contract platform Solana (SOL) is gearing up to kick off an airdrop as Coinbase announces support for it.
In a new thread on the social media platform X, DeFi protocol Jito (JTO) says it will be launching its first ever airdrop on December 7th, saying that eligible recipients will be able to claim their tokens for 18 months.
According to Jito, the JTO token can be used to participate in the governance of the protocol and purchase goods and services on DeFi platforms across the Solana blockchain.
“JTO holders are encouraged to start participating in governance to help steer the direction of Jito Network…
You will [also] be able to use your JTO on various DeFi platforms across the Solana network. We are launching a tool soon to help you find those opportunities.”
Jito also warns traders not to fall for unsanctioned giveaways as the airdrop is the only one they’re associated with.
“The Jito Foundation is not offering any giveaways, NFTs (non-fungible tokens) or other items besides the airdrop at https://jito.network/airdrop.
There WILL BE imposter JTO tokens and malicious NFTs. Ask in Jito’s Discord or Telegram if you are uncertain.”
On December 6th, top US-based crypto exchange platform Coinbase announced its support for JTO, saying that it will be adding it with an “experimental” label, meaning that it could have low volume compared to other digital assets.
JTO is trading for $2.18 at time of writing, a staggering 64% drop during the last 24 hours.
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Featured Image: Shutterstock/Suherman jodi