Coinbase Adds Jito Token to Solana Network
Coinbase, a leading cryptocurrency exchange, has announced that it will support the Jito (JTO) token on the Solana network. This integration is a significant milestone for Solana, indicating its growing influence and revival in the crypto market. Coinbase will list JTO as an SPL token on its trading platform.
Coinbase Announces Jito Support and Airdrop on Solana Network
Users are advised to transfer JTO tokens exclusively within the Solana network to avoid any potential loss of funds. Trading of JTO will begin today at 11 AM ET, subject to meeting liquidity conditions. Initially, JTO-USD trading pairs will roll out gradually based on asset supply. However, access to JTO may be restricted in certain jurisdictions.
Solana’s Resurgence and Growth
The Solana network has experienced a resurgence, with weekly active addresses returning to pre-FTX collapse levels. This growth can be attributed to new infrastructure and tools like compressed NFTs, leading to diverse consumer applications on the platform.
Will Solana Be This Year’s Comeback Kid?
Although Ethereum still leads in terms of overall activity, Solana has seen a 47% increase in TVL since November due to a spike in DeFi activities and airdrop announcements. Analysts believe that new token launches like Jito contribute to boosting market caps and exchange TVL, attracting users through their trading potential.
Solana’s Challenges and Market Outlook
Despite the recovery of the DeFi sector, Solana’s TVL remains 89% below its peak from two years ago. As for SOL, Solana’s native token, it has seen a 55% increase in the past month but is still 76% below its all-time high. Analysts anticipate a potential pullback in the token’s price.
Hot Take: Solana’s Growth and Potential
The addition of Jito to Coinbase and the resurgence of the Solana network demonstrate its growing influence in the crypto market. While challenges remain, such as lower TVL compared to its peak, Solana’s growth in DeFi activities and new token launches like Jito contribute to its potential for further expansion and adoption.
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