Coinbase, a prominent digital currency exchange, has recently integrated Jito (JTO), a novel token from the Solana network, into its trading services. This development signifies a notable expansion for the Solana ecosystem, highlighting its increasing prominence and resurgence in the crypto sphere.
The new token, Jito, will be supported by Coinbase as an SPL (Solana Program Library) token. Starting from 11 AM ET today, trading of JTO tokens will become available, subject to the condition that there is adequate liquidity.
Trading Jito on Coinbase: What You Need to Know
For those interested in trading Jito, it’s crucial to transfer JTO tokens solely within the Solana network to avoid any potential loss of funds. Initially, Coinbase will introduce JTO-USD trading pairs in stages, following the accumulation of a sufficient supply of the asset. It’s important to note, however, that access to JTO may be limited in certain regions, despite its overall support on the platform.
Coinbase has assigned an ‘experimental’ tag to JTO, indicating that traders should approach with caution. This is part of Coinbase’s commitment to user safety and informed trading.
Solana’s Market Position and Growth
Meanwhile, the Solana network is experiencing a revival. According to Messari data, the number of weekly active addresses on Solana has reached levels previously observed before the FTX collapse. This rebound can be attributed to the introduction of new infrastructure and tools, such as compressed NFTs, and a variety of consumer applications on the platform.
Despite these positive indicators, Solana still lags behind Ethereum in overall activity. Yet, recent increases in decentralized finance (DeFi) activities, including airdrops, have contributed to a 47% rise in Solana’s total value locked (TVL) since November. Currently, Solana’s TVL is valued at $1.19 billion, returning to pre-FTX collapse levels.
Analysts, including Ally Zach from Messari, highlight the crucial role of new token launches like Jito in increasing market caps and exchange TVL. These launches attract users by offering new trading opportunities. However, challenges remain for the Solana ecosystem. Even with a recovering DeFi sector, its TVL is still 89% lower than its peak of nearly $10 billion two years ago. In terms of Solana’s native token, SOL, the market is showing cautious optimism. Following a significant drop post-FTX collapse, SOL has seen a 55% increase in the past month, surpassing Bitcoin in performance. Nonetheless, analysts warn of a potential pullback, noting that SOL is still 76% below its all-time high.