Solana soars 13% amid Robinhood staking launch and new Liquidity Layer

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As a seasoned crypto investor with a keen interest in Solana, I’m thrilled to see SOL‘s impressive price surge of over 13% in just 24 hours. The recent announcements from Robinhood Crypto and marginfi have undoubtedly contributed to this growth.

As a market analyst, I’ve observed an impressive 13% increase in the value of SOL, the native token of Solana, within the past 24 hours. This surge can be attributed to two significant developments: Robinhood Crypto’s announcement of a new staking product in Europe and Marginfi’s introduction of Solana’s first Liquidity Layer.

When I penned down this text, Solana (SOL) was worth $162.36, marking a 24-hour trading volume of an impressive $4.25 billion – a 80% surge. As per the latest rankings from CoinMarketCap, SOL holds the fifth position among cryptocurrencies with the largest market capitalization. Its market cap stands tall at an impressive $72.86 billion.

Solana soars 13% amid Robinhood staking launch and new Liquidity Layer

As an analyst, I’ve noticed an intriguing price trend in SOL recently. This upward shift in value occurred shortly after an exciting announcement from Solana’s X account. Robinhood Crypto, the digital asset trading platform, shared plans to introduce a Solana staking product in Europe, alongside a captivating bonus program for new customers.

As a crypto investor utilizing Robinhood Crypto, I’m thrilled to announce that I now have the ability to delegate my Solana tokens for staking right within the app. This feature grants me the opportunity to accrue rewards while retaining the freedom to withdraw my staked assets whenever I please.

New clients are eligible for a 10% bonus on their total purchases within their initial 30-day tenure on our platform, which will be remunerated in USDC stablecoins.

An announcement made by MarginFi on May 15, which is a decentralized platform for portfolio margin trading on the Solana blockchain, may be another contributing reason for the price surge.

Introducing a groundbreaking development at Solana: the debut of its initial Liquidity Foundation, paving the way for an enhanced DeFi experience.

— marginfi ◼️ (@marginfi) May 15, 2024

MarginsFi unveiled Solana’s initial DeFi Liquidity Hub, characterizing it as an innovative layer for efficient decentralized finance. This platform introduces three kinds of native yields: staking rewards obtained naturally via LST; the highest-yielding lending application on Solana, mrgnlend; and yield generation through YBX, which is MarginsFi’s audited stablecoin backed by LST.

As a cryptocurrency analyst, I’ve noticed an impressive growth in Solana (SOL) recently, with this surge being fueled in part by Franklin Templeton’s recognition of its potential to rank among the top three cryptocurrencies. The asset management firm has emphasized Solana’s key strengths: scalability and affordably priced transactions. These advantages have made Solana an attractive choice for popular meme tokens such as Catwifhat, BONK, and WIF – all of which are among the top 100 cryptocurrencies based on market capitalization.

Despite worries about network interruptions, Solana marked a milestone on May 12 by surpassing Ethereum in terms of maximum extractable value (MEV) for the first time. This accomplishment further solidified Solana’s standing as a formidable competitor, outshining Ethereum in decentralized exchange trading volumes at several instances throughout the year.

Concurrently, the overall cryptocurrency market has experienced substantial growth, recording a 5.73% rise over the past day and amassing a market capitalization of approximately $2.39 trillion. At present, Bitcoin (BTC) is priced at around $66,100, representing a 6.6% increase within the last 24 hours. Ethereum (ETH), on the other hand, has experienced a growth of 3.7%, with each coin currently valued at $3,017.

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2024-05-16 11:31