Iconic cryptocurrency Solana (SOL) goes through a huge 13% increase in just 24 hours, thanks to two significant events: Robinhood adding a staking feature and marginfi releasing Solana’s first Liquidity Layer.
SOL’s price is now $162.36, and it has seen $4.25 billion worth of trades in the last day, an 80% increase. With a market capitalization of $72.86 billion, it is the fifth most significant cryptocurrency by value.
The price increase happened after Solana’s official X account said that Robinhood Crypto would be releasing a staking tool just for European users. With this new feature, Robinhood customers can stake their SOL stocks directly through the app.
Solana’s Momentum, Key Developments
This gives them the chance to earn rewards and the freedom to remove the stake whenever they want. New users can also get a 10% bonus on all purchases made in their first 30 days on the site. These bonuses are given out in USDC stablecoins.
Also, on May 15, Solana’s first Liquidity Layer was released by marginfi, a decentralized portfolio margining system that runs on Solana. This layer is meant to be the next big thing in efficient DeFi operations. It includes three types of native yields: natural staking yield through LST, native token yield through mrgnlend, and native stablecoin yield through YBX, marginfi’s checked LST-backed stablecoin.
Franklin Templeton, a well-known asset management company, has said that Solana has the potential to become the third-largest cryptocurrency. The company stresses that Solana’s ability to grow and its low transaction fees have made it popular among meme tokens like Catwifhat, BONK, and WIF, which are all in the top 100 cryptocurrencies by market value.
There were worries about network problems, but on May 12, Solana officially passed Ethereum in maximum extractable value (MEV) for the first time. This achievement strengthens SOL reputation as a strong rival to Ethereum, regularly outperforming it in decentralized exchange volumes over the course of the year.
Along with SOL rise, the cryptocurrency market as a whole has also seen significant improvements. It has grown by 5.73 percent in the last day to hit a total market capitalization of $2.39 trillion. While Ethereum (ETH) has gone up by 3.7% and is now selling at $3,017 per coin, Bitcoin (BTC) has gone up by 6.6% in the last 24 hours and is now worth $66,100.
