A decentralized finance (DeFi) project built via smart contract platform Solana (SOL) is gearing up to airdrop as Coinbase announces support for it.
In a new thread on social media platform X, DeFi protocol Jito (JTO) says this will be the case launch the first ever airdrop on December 7, stating that eligible recipients can claim their tokens for 18 months.
According to Jito, the JTO token can be used to participate in the management of the protocol and to purchase goods and services on DeFi platforms on the Solana blockchain.
“JTO holders are encouraged to join the board to help guide the direction of the Jito Network…
You will [also] be able to use your JTO on various DeFi platforms within the Solana network. We will soon be launching a tool to help you find those opportunities.”
Jito also warns traders not to fall for unapproved giveaways as the airdrop is the only one they are associated with.
“The Jito Foundation is not offering giveaways, NFTs (non-fungible tokens), or other items beyond the airdrop at https://jito.network/airdrop.
There WILL be rogue JTO tokens and malicious NFTs. If you’re not sure, ask in Jito’s Discord or Telegram.
On December 6, the top US crypto exchange platform Coinbase announced its support for JTO, saying it will add it with an ‘experimental’ label, meaning it could have low volume compared to other digital assets.
JTO is trading at $2.18 at the time of writing, down a staggering 64% in the last 24 hours.
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Featured image: Shutterstock/Suherman jodi