As DeFi lending system Marginfi announces the debut of its over-collateralized stablecoin YBX, the price rise of Solana continues.
The larger cryptocurrency market took a brief break after a strong climb earlier this week, but Solana (SOL) is still rising, seeing gains of 10% for the second day in a row. The price of Solana has increased by 30% on weekly charts, and its daily trading volume has surpassed $7 billion. It’s interesting to note that market analysts anticipate a $200 Solana price surge come March.
Solana DeFi Ecosystem Expands Rapidly
Leading Solana blockchain lending protocol Marginfi has announced the impending release of over-collateralized stablecoin YBX. Tokens with liquidity collateralization will back YBX, with notable Solana assets including jitoSOL, mSOL, bSOL, and LST providing backing. In the second half of March, the stablecoin will also make its mainnet debut.
On the Marginfi platform, $YBX is minted against Liquidity-Staking Tokens (LSTs). Interestingly, holders of $YBX will receive the staking yield produced by these LSTs, enabling a process in which $YBX acquires value relative to the USD with each epoch that Solana completes.
Miners can optimize their borrowing plans with the help of this mechanism, which offers stable exposure below borrow rates. Additionally, owners of $YBX now have access to a decentralized, yielding, and diverse stablecoin option on the Solana blockchain in place of more established ones like USDC or USDT. Marginfi’s dedication to promoting creativity and offering value-added solutions in the decentralized finance (DeFi) area is reflected in this introduction.
Furthermore, with an outstanding $580 million in total value locked (TVL) at this time, Marginfi is firmly established as the third-largest TVL protocol on the Solana network. With the launch of a new stablecoin option supported by a wide range of assets, the Solana ecosystem has undergone a substantial change.
SOL Price Action
After a week or so of stability, during which it fluctuated within a narrow band of $100 to $110, Solana’s market saw a spike in activity. The breakout above the resistance level was brought about by this momentum. Bullish sentiment quickly recovered pace, pushing the price up by 13% even after a small 5.85% dip. Solana then went into a bullish wave and broke through the resistance level at $125. Analysts predict that this month’s price surge for Solana will reach $200.
The excitement around the Dogwifhat (WIF) meme coin, a token based on the Solana network, has contributed to the recent spike in Solana’s price. The price of the meme coin increased by 50% as a result of this craze, from $0.52 on February 27 to $0.79. With its launch on December 14, 2023, WIF has seen an incredible increase of more than 374%.