Solana Price Surges Over $135 With Marginfi’s YBX Stablecoin Launch
The Solana price rally continues as Marginfi, a leading DeFi lending protocol, announces the debut of its over-collateralized stablecoin, YBX.
Despite a brief pause in the broader crypto market, Solana (SOL) maintains its upward momentum, marking a 10% gain for the second consecutive day. With a daily trading volume exceeding $7 billion and a 30% increase on the weekly charts, analysts anticipate SOL to rally to $200 by the end of March.
Marginfi’s announcement of the upcoming launch of YBX, an over-collateralized stablecoin, signals robust growth within the Solana DeFi ecosystem. Backed by prominent Solana assets such as jitoSOL, mSOL, bSOL, and LST, YBX will make its mainnet debut in the latter half of March.
Circle CEO’s Perspective – Cryptocurrency Regulations in 2024
YBX will be minted against Liquidity-Staking Tokens (LSTs) on the Marginfi platform, with staking yields redirected to YBX holders. This innovative mechanism ensures YBX accrues value against the USD with each completed epoch by Solana, providing stable exposure below borrow rates.
Furthermore, YBX holders gain access to a diversified, yielding, and decentralized alternative to traditional stablecoins like USDC or USDT on the Solana blockchain. Marginfi’s total value locked (TVL) stands at an impressive $580 million, solidifying its position as the third-largest TVL protocol on the Solana network.
Solana’s recent price action reflects heightened activity following a period of consolidation, breaking above the $125 resistance level. Analysts foresee the Solana price rally persisting, targeting $200 this month.
The surge in Solana’s price coincides with the excitement surrounding Dogwifhat (WIF), a meme coin based on the Solana network. WIF’s price surged by 50%, from $0.52 on February 27 to $0.79, experiencing a remarkable surge of over 374% since its inception on December 14, 2023.
In the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, Youtube, and Twitter for the latest news and updates.