Jito is raising the roof in the Solana world with its novel JTO token, currently topping Solana charts. But, what is Jito exactly? It's not just another token. It’s a unique Liquid Staking token.
Whether you're new to the crypto world or have been around for years, Jito Solana offers a new way to get into staking and see your investments rise.
This article will explore what Jito is and how its JTO token stands out in the crowded crypto-verse.
What Is Jito?
Jito refers to the Jito Network and its governance token, JTO. The Jito Network is a platform within the Solana blockchain known for its innovation in liquid staking. Jito Solana, commonly called JitoSOL, is a cryptocurrency token that allows holders to engage in Jito staking.
At its core, Jito Solana allows users to engage in MEV-powered staking, an approach that allows participants to earn rewards by leveraging Maximal Extractable Value (MEV) strategies.
By staking their Solana (SOL), users can earn rewards from the platform's activities in rearranging blockchain transactions for profit. This method distinguishes JitoSOL as a pioneer in the crypto world.
Jito focuses on optimizing blockchain efficiency and rewards through an open-source validator client that reduces the negative impacts of Maximal Extractable Value (MEV) while enhancing benefits.
But simply knowing what is Jito Solana won’t get you anywhere. So, let's see how it works.
How Does Jito Work?
The Jito Network is designed to benefit those who stake their Solana (SOL) tokens on the Jito network.
Here's a closer look at how the Jito Protocol works to better understand what is Jito protocol.
- Deposit your SOL tokens into the Jito stake pool. In return, you'll receive JitoSOL, a representation of your staked SOL within the network.
- Your deposited SOL is then delegated to validators with MEV capabilities. These validators are special because they can auction off block space to earn MEV rewards.
- As these validators earn MEV rewards, a portion is funneled back to the Jito stake pool. This results in an additional APY (Annual Percentage Yield) for those participating in jito staking.
- Consequently, your JitoSOL not only grows through regular staking rewards but also generates extra earnings from MEV rewards.
JTO Token Statistics
Let’s have a quick rundown on some performance metrics of the JTO token.
JTO Crypto Rank: 152nd on CoinEx (May 2, 2024)
$JTO Current Price: $3.282
Total Market Capitalization: 3.21B
24-hour Trading Volume: $160.82M
Total Supply: 1.00B
Circulating Supply: 121.26M (12.1%)
Price Performance: All-Time High: $5.28, All-Time Low: $1.43
$JTO Annual Percentage Yield: 7.53%
What Is the Use of JTO?
Now that you somewhat know what is Jito here are the key applications of JTO:
- Jito Staking: JTO crypto token holders can set fees for the Jito stake pool and directly influence the profitability and attractiveness of staking within the network.
- Delegation Strategy Updates: By adjusting the parameters of StakeNet programs, token holders refine delegation strategies to optimize network performance and rewards.
- Treasury and Revenue Management: The JTO coin community oversees the DAO's treasury, including JTO tokens and fees generated from JitoSOL.
- Protocol and Product Development: Token holders contribute to the ongoing development and improvement of Jito Network's protocols and products.
The Current Popularity of JTO
Jito is a key player within the Solana ecosystem, and it is currently ranked first among Solana’s Liquid staking platforms.
On the other hand, the current ranking of the Jito Solana project compared to other cryptocurrencies varies across major cryptocurrency exchange platforms.
It ranks #152 on CoinEx, #151 on CoinMarketCap, and #180 on CoinGecko.
Considering there are over 9,000 cryptocurrencies as of January 2024, Jito crypto being ranked under 180 is not a small deal. These rankings, based on relative market cap, suggest that while the $JTO token is gaining traction, it still has room to grow.
What Is Liquid Staking & What Are the Rewards of Staking JTO?
Liquid staking is a process that allows cryptocurrency holders to stake their JTO Solana tokens and earn MEV rewards while still maintaining liquidity. Unlike traditional staking, where assets are tied up and inaccessible, liquid staking gives you a tradable asset in return which represents your staked JTO crypto.
This means you can earn staking rewards without giving up the ability to trade or use your assets.
Speaking of rewards, staking JTO can be quite lucrative, especially with a 7.53% APY. This means, simply put, by staking your JTO Solana, your holdings can grow annually at a rate of 7.53%.
For instance, if you stake 100 Jito coins, by the end of the year, without doing anything extra, you would have earned an additional 7.82 Jito coins.
It's a passive income opportunity that rewards users for their participation and support of the Jito Network. Stakers also have a chance to be eligible for a $JTO airdrop that includes free tokens as a reward for their support.
You can calculate your JTO rewards using this calculator.
How to Buy and Trade JTO Tokens?
After knowing what is Jito, it's time to put that knowledge to use.
Buying and Trading JTO crypto tokens is easy with CoinEx. a trusted global cryptocurrency exchange with over 5 million users. CoinEx supports over 1,000 tokens, including JTO.
It offers a straightforward process for trading JTO tokens. Here’s how:
- Sign Up: Begin by registering for a CoinEx account.
- Deposit Funds: Log in and deposit funds using any supported cryptocurrency or method.
- Find The JTO Trading Page: After funding your account, go to the JTO trading page on CoinEx. Use the search function on the spot trading page and type "JTO" to locate trading pairs.
- Select Trading Pair: Choose the JTO/USDT trading pair to exchange JTO with USDT (Tether).
- Set Purchase Amount: Decide how many JTO crypto tokens you want to buy. You can opt to purchase at the current market rate or set a limit order for your target price.
- Confirm the Trade: After setting your amount, confirm and submit your order to complete the trade.
By following these steps, you'll easily start trading JTO tokens and can look forward to many rewards.
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