The crypto world is buzzing with excitement as two leading exchange platforms, Binance and Coinbase, announced support for Jito (JTO), a new token native to the Solana Blockchain. This marks a significant milestone for the Jito project and points to the growing momentum of the Solana ecosystem. Here are the details…
Coinbase was also going to list it: It’s Binance’s turn
As Kriptokoin.com reported, earlier today, Coinbase, a well-established cryptocurrency exchange, announced the inclusion of JTO on its platform. Coinbase will initially gradually support JTO-USD trading pairs and provide sufficient liquidity for seamless trading. However, access to JTO may be restricted in certain jurisdictions due to regulatory differences.
Now, Binance, another leading exchange platform, has also announced support for JTO. Binance will list JTO and open trading for three spot trading pairs: JTO/USDT, JTO/FDUSD, and JTO/TRY. Additionally, Binance will add JTO as a new borrowable asset for margin trading, providing users with greater flexibility and potential leverage.
Is JTO a “resurrection signal” for Solana?
Coinbase and Binance’s announcements coincided with a noticeable revival in the Solana ecosystem. Data shows that weekly active addresses on Solana have returned to levels seen before the FTX crash. This growth is attributed to the development of new infrastructure and applications, such as compressed NFTs, which has led to diverse consumer adoption. Recent DeFi activity on Solana, fueled in part by airdrop announcements, has also contributed to the growth of the ecosystem. It is expected that JTO will be distributed via airdrop to deserving people in the evening today. Total value locked (TVL) on Solana has increased by 47% since November to $1.19 billion, approaching pre-FTX levels.
This increase in DeFi activity reflects the ongoing development and innovation in the Solana ecosystem. Although Solana shows promising signs of recovery, it still faces challenges. Despite the recent increase in DeFi activity, the ecosystem’s TVL remains 89% below its peak two years ago. Additionally, although native token SOL has surged 55% in the past month, it is still well below its all-time high. This suggests caution and that further growth is necessary for a sustainable recovery.
Listings of Binance and Coinbase are critical
The launch of Jito and its subsequent listing on major exchanges such as Coinbase and Binance are important developments for the Solana ecosystem. Jito’s potential to attract users through commerce and its role in increasing market capitalization and TVL growth contributes to the overall health and development of the ecosystem. With the support of Coinbase and Binance, Jito has gained significant exposure and potential for further growth. The future of the Solana ecosystem remains cautiously optimistic, and the continued development of innovative projects like Jito will play a crucial role in its long-term success.
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