Solana’s native token, SOL, surged by double digits inside a 24-hour interval. On the time of reporting, SOL is valued at $161 after tapping $165 earlier, with a 24-hour buying and selling quantity of $3.7 billion, marking a rise of 56.6%.
Based on CoinGecko dataSOL is the fifth largest cryptocurrency, with a market cap of $73.1 billion.
Robinhood and Infinex’s Bulletins
This surge in SOL’s value might be attributed to a number of current developments inside the crypto house, notably involving main platforms corresponding to Robinhood, Infinex, and MarginFi.
In a Might 15 announcement on Solana’s official X account, the Vlad Tenev-spearheaded agency introduced that Robinhood Crypto, a digital asset buying and selling platform, will launch a Solana-staking characteristic in Europe.
Simply in: @RobinhoodCrypto EU now helps Solana staking, introducing their first-ever crypto staking product! 🔥
Be taught extra👇 https://t.co/aHXj1rgL8P
— Solana (@solana) May 15, 2024
“Robinhood Crypto is happy to announce a sequence of recent options particularly designed for its clients in Europe, together with staking, localized apps, crypto rewards for brand spanking new clients, and up to date Be taught & Earn modules,” the corporate stated.
By the Robinhood Crypto app, clients can now stake their Solana (SOL) holdings, granting them the chance to earn rewards whereas sustaining the pliability to unstake as desired.
The corporate additionally introduced a bonus program for brand spanking new clients, whereby they’ll obtain a ten% bonus on their web purchases throughout their preliminary 30 days on the platform, with bonuses disbursed in USDC stablecoins.
Infinex, a decentralized perpetual contract buying and selling platform launched by Synthetix, has additionally introduced its help for Solana.
Welcome @solana to the Infinex Account.
Solana help is now stay.
🍊 https://t.co/SHkYi2Vdc7 pic.twitter.com/8WMwSxrJEE
— Infinex (@infinex_app) May 15, 2024
The combination of Solana into the Infinex platform opens up new alternatives for customers, with the Whole Worth Locked (TVL) on the platform reaching 71,185,763.71 USDC since its launch. Based on Infinex’s websiteover 4.1 million USDC has already been locked in Solana.
Marginfi Reveals Solana’s First Liquidity Layer
In a Might 15 announcement on X Marginfi, a decentralized portfolio margining protocol for buying and selling on Solana revealed the L1 blockchain’s first Liquidity Layer.
Introducing Solana’s first Liquidity Layer
We’re excited to announce the evolution of marginfi: powering a radically new Layer for Performant DeFi
Right here’s how we’re altering the sport 👇 pic.twitter.com/I6rt0xD3wc
— marginfi ◼️ (@marginfi) May 15, 2024
Described as a brand new layer for performant DeFi, Marginfi’s Liquidity Layer offers a spread of built-in, native yields, together with pure staking yield by LST, native token yield by mrgnlend, and native stablecoin yield by YBX.
The surge in SOL’s value coincides with broader beneficial properties throughout the crypto market, which has risen by 4.7% within the final day to succeed in a complete market capitalization of $2.5 trillion.
At writing time, Bitcoin (BTC) is presently buying and selling at $66,000, marking a 5.7% improve within the final 24 hours. Ethereum (ETH) has skilled a 3.3% improve and is now buying and selling at round $3,000.
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