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As Solana (SOL) price continues to rise, DeFi lending protocol Marginfi announced it will be launching YBX, its over-collateralized stablecoin.
After a strong performance in the crypto market at the beginning of the week, there was a pause, but Solana (SOL) continues to maintain its upward momentum with a 10% increase for the second day in a row. Solana’s daily trading volume has exceeded 7 billion dollars and its price has increased by 30% in weekly charts. Market analysts predict that the price of Solana will rise to 200 dollars in March.
Solana’s DeFi Ecosystem Records Strong Growth
Leading lending protocol on Solana blockchain, Marginfi, announced it will soon be launching YBX, an over-collateralized stablecoin supported by significant Solana assets like jitoSOL, mSOL, bSOL, and LST. The stablecoin will also enter the main network in the second half of March.
$YBX is minted on the Marginfi platform in exchange for Liquidity Staking Tokens (LSTs). The staking revenue obtained from these LSTs will be redirected to $YBX holders, thus facilitating the value appreciation of $YBX with every epoch completed by Solana against USD.
This mechanism provides a steady exposure below the borrowing rates, allowing lenders to optimize their borrowing strategies. Furthermore, $YBX holders now have a diverse, yield-generating, and decentralized alternative compared to traditional stablecoins like USDC or USDT on the Solana blockchain.
Additionally, Marginfi’s current total locked value (TVL) impressively sits at 580 million dollars, making it the third largest TVL protocol operating on Solana network. The launch of YBX is further strengthening the Solana DeFi ecosystem by offering a new stablecoin option backed by various assets to its users.
Thoughts and Future of Solana Coin
Solana, after trading in a narrow range of 100 to 110 dollars for about a week, witnessed increasing activity in the market. This momentum led to a break above the resistance level. Despite a short-term correction of 5.85%, the upward trend quickly returned and lifted the price by 13%. As a result, Solana entered an upward phase, breaking through the $125 resistance level. Analysts expect the price of Solana to continue rising to $200 by the end of March.
The recent increase in Solana’s price coincides with the interest in Dogwifhat (WIF), a meme coin created on the Solana network. This frenzy led to the meme coin’s price rising from 0.52 dollars to 0.79 dollars on February 27, representing an increase of more than 50%. Since its inception on December 14, 2023, WIF has made a staggering leap of over 374%.