Solana’s native token, SOL, saw a 13% increase in value within 24 hours following the announcement of Robinhood Crypto’s new staking product in Europe and marginfi’s introduction of Solana’s first Liquidity Layer.
As of now, SOL is priced at $162.36, with a 24-hour trading volume of $4.25 billion, marking an 80% increase. SOL is currently the 5th largest cryptocurrency by market cap, which stands at $72.86 billion, according to CoinMarketCap data.
This price surge followed an announcement on Solana’s official X account about a new product by Robinhood Crypto. The digital asset trading platform is launching a Solana-staking product in Europe, along with a bonus program for new customers.
“Robinhood Crypto customers can now stake their Solana holdings directly through the app, earning rewards with the flexibility to unstake at any time,” the company announced.
Additionally, new customers can earn a 10% bonus on their net buys over their first 30 days on the platform, with bonuses paid out in USDC stablecoins.
Solana Rises 13% with Robinhood Staking Launch and New DeFi Innovation
Another factor contributing to the price increase is a May 15 X announcement from marginfi, a decentralized portfolio margining protocol for trading on Solana.
Marginfi introduced Solana’s first Liquidity Layer, promoting it as a new layer for efficient DeFi. The platform offers three types of integrated, native yields: natural staking yield through LST, high-yielding lending dApp on Solana; native token yield through mrgnlend, the first integrated stableswap in crypto; and native stablecoin yield through YBX, marginfi’s audited LST-backed stablecoin.
The recent surge in SOL comes as Franklin Templeton, a major asset management firm, recognized Solana’s potential to become the third-largest cryptocurrency. The firm praised Solana’s scalability and low transaction fees, which have made it popular for meme tokens like Catwifhat, BONK, and WIF, all among the top 100 cryptocurrencies by market cap.
Despite concerns over network outages, Solana surpassed Ethereum in maximum extractable value (MEV) for the first time on May 12. This achievement has bolstered Solana’s reputation as an ‘Ethereum killer,’ with it outperforming Ethereum in decentralized exchange volumes at various times this year.
Meanwhile, the broader crypto market has also seen significant gains, rising 5.73% in the last day to reach a total market cap of $2.39 trillion. Bitcoin (BTC) is currently trading at $66,100, up 6.6% in the last 24 hours, while Ethereum (ETH) has increased by 3.7%, now trading at $3,017 per coin.
Summary Review: The launch of Robinhood’s Solana staking product and marginfi’s Liquidity Layer, combined with Solana’s growing recognition, have driven significant gains for SOL. This surge reflects the broader rise in the cryptocurrency market, signaling increased investor confidence and interest in digital assets.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
