Coinbase Announces New Listing & Support for Jito Airdrop

Keypoints:

 

• Coinbase has started trading Jito on the Solana network, highlighting the increasing market presence of Solana.
• A 47% increase in TVL and an uptick in weekly addresses indicate that Solana is on the mend, which is good news for its DeFi division.
• The recent 55% spike in Solana’s SOL token price indicates a bullish market trend, despite the fact that the token has faced previous hurdles.

 

 

Jito (JTO), a new token on the Solana network, has been added to the trading platform of Coinbase, a prominent cryptocurrency exchange. Because of its increasing clout and recent renaissance in the cryptocurrency market, the integration is a watershed moment for the Solana ecosystem.

 

As a token in the Solana Program Library (SPL), Coinbase will begin supporting JTO.

 

 

 

 

 

Jito Support and an Airdrop on the Solana Network Announced by Coinbase

 

To avoid any risk of cash being lost, users are urged to only transfer JTO tokens within the Solana network. Assuming the necessary liquidity criteria are satisfied, trading in JTO is scheduled to begin on or after 11 AM ET today.

 

Once the platform has acquired enough assets, JTO-USD trading pairs will be introduced gradually. Despite JTO’s widespread support, access to it may be limited in some areas.

 

Importantly, Coinbase has marked JTO as “experimental,” which should serve as some warning to prospective traders.

 

Concurrently, the Solana network has started exhibiting revival symptoms. Messari data shows that the number of weekly active addresses on Solana is back to pre-FTX levels.

 

 

 

 

New infrastructure and tools, like as compressed NFTs, have contributed to this expansion. Various consumer applications have also emerged on the platform as a result of this.

 

 

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Will Solana be the comeback kid this year?

 

Notwithstanding these favorable developments, the Solana ecosystem continues to lag behind Ethereum in terms of aggregate activity. As a result of airdrop announcements and the recent surge in DeFi (decentralized finance) activities, Solana’s TVL (total value locked) has increased by 47% since November. The TVL is presently $1.19 billion, which is consistent with figures prior to the FTX collapse.

 

As noted by Messari analyst Ally Zach, the introduction of new tokens, including Jito, significantly increases exchange TVL and market capitalization, thereby luring users with the trading potential of these tokens.

 

Nevertheless, the Solana ecosystem is not devoid of obstacles. In spite of the DeFi industry’s recovery, its peak TVL of nearly $10 billion from two years ago is still 89% below its current level.

 

The market outlook for Solana’s native token, SOL, is temperedly positive. Subsequent to a significant decline precipitated by the FTX collapse, SOL has surged 55% in value over the last month, surpassing the performance of Bitcoin. Despite this, analysts predict a possible decline, and the token is currently 76% below its all-time high.