Solana

DeFi

Strong

USDC

<p>After a solid rally earlier this week, the broader crypto market has paused for a while, however, Solana (SOL) continues its upward momentum with 10% gains for the second consecutive day. The daily trading volume for Solana has crossed $7 billion while the Solana price is up by 30% on the weekly charts. Interestingly, market analysts are expecting a <a href="https://coingape.com/markets/solana-price-prediction-is-sols-rally-to-200-imminent-in-march/" target="_blank" rel="noopener">Solana price rally</a> to $200 in this month of March.</p> 
<h3 id="solana-defi-ecosystem-sees-strong-growth">Solana DeFi Ecosystem Sees Strong Growth</h3> 
<p>Marginfi, a leading lending protocol on the Solana blockchain, has revealed the upcoming launch of YBX, an over-collateralized stablecoin. Liquidity-collateralized tokens will support YBX, backed by prominent Solana assets including jitoSOL, mSOL, bSOL, and LST. Also, the stablecoin will debut on the mainnet in the latter half of March.</p> 
<p>$YBX is <a rel="nofollow" href="https://twitter.com/marginfi/status/1762865901681160222" target="_blank">minted</a> against Liquidity-Staking Tokens (LSTs) on the Marginfi platform. Notably, the staking yield generated from these LSTs will be redirected to $YBX holders, thus facilitating a process where $YBX accrues value against the USD with each epoch completed by Solana.</p> 
<p>This mechanism enables minters to optimize their borrowing strategies, providing stable exposure below borrow rates. Moreover, holders of $YBX now have access to a diversified, yielding, and decentralized alternative to traditional stablecoins like USDC or USDT on the Solana blockchain. This introduction reflects Marginfi’s commitment to fostering innovation and providing value-added solutions within the decentralized finance (DeFi) space.</p> 
<p>Also, Marginfi’s total value locked (TVL) currently stands at an impressive $580 million, cementing its position as the third-largest TVL protocol operating on the Solana network. This announcement marks a significant development in the Solana ecosystem, offering users a new stablecoin option backed by a diverse array of assets.</p> 
<h3 id="sol-price-action">SOL Price Action</h3> 
<p>Solana’s market witnessed increased activity following a period of consolidation, where it traded within a tight range of $100 to $110 for about a week. This momentum prompted a breakout above the resistance level. Despite a brief correction of 5.85%, bullish sentiment swiftly regained momentum, driving the price up by 13%. As a result, Solana entered a bullish phase, breaking through the $125 resistance level. Analysts expect the Solana price rally to continue to $200 this month.</p> 
<p>The recent surge 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 meme coin’s price, rising from $0.52 on February 27 to $0.79. Since its introduction on December 14, 2023, WIF has experienced a staggering surge of over 374%.</p> 
<p>The post <a href="https://coingape.com/sol-price-shoots-past-135-as-solana-defi-ecosystem-thrives/">SOL Price Shoots Past $135 As Solana DeFi Ecosystem Thrives</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

SOL Price Shoots Past $135 As Solana DeFi Ecosystem Thrives

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