SOL Price Exceeds $135 as solana DeFi Ecosystem Grows
After a strong rally earlier this week, the crypto market paused for a while, but Solana (SOL) continues its upward momentum, rising 10% for the second consecutive day. Solana’s daily trading volume exceeded $7 billion, while Solana price increased by 30% on weekly charts. Interestingly, market analysts expect the Solana price to rise to $200 in March.
Solana DeFi Ecosystem Sees Strong Growth
Marginfi, the leading lending protocol on the Solana blockchain, has announced the upcoming launch of YBX, an over-collateralized stablecoin. Liquidity secured tokens will support YBX, which is backed by leading Solana assets such as jitoSOL, msol, bSOL, and LST. Additionally, the stablecoin will hit the mainnet in the second half of March.
$YBX: printed Against Liquidity Staking Tokens (LSTs) on the Marginfi platform. Specifically, staking returns from these LSTs will be directed to $YBX holders, thus facilitating a process in which $YBX gains value against the USD with each period completed by Solana.
This mechanism allows mints to optimize their borrowing strategies by providing stable exposure below borrowing rates. Moreover, $YBX holders now have access to a diversified, yield-generating and decentralized alternative to traditional stablecoins such as USDC or USDT on the Solana blockchain. This introduction reflects Marginfi’s commitment to driving innovation and delivering value-added solutions in the decentralized finance (DeFi) space.
Additionally, Marginfi’s total value locked (TVL) currently stands at an impressive $580 million, solidifying its position as the third largest TVL protocol running on the Solana network. This announcement marks a significant development in the Solana ecosystem, offering users a new stablecoin option backed by a variety of assets.
LEFT Price Action
The Solana market witnessed increased activity following a period of consolidation and traded in a narrow range of $100 to $110 for about a week. This momentum led to a break above the resistance level. Despite a brief correction of 5.85%, the bullish sentiment quickly regained momentum, sending the price up 13%. As a result, Solana entered a bullish phase and broke the $125 resistance level. Analysts expect Solana price growth to continue to $200 this month.
The recent rise in Solana’s price comes amid the excitement surrounding the Dogwifhat (WIF) meme coin, a token based on the Solana network. This frenzy resulted in a 50% increase in the price of the meme coin, rising from $0.52 to $0.79 on February 27. WIF has surged a staggering 374% since its introduction on December 14, 2023.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
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