- SOL staking volume rose to around $52 billion.
SOL is on its way to its sixth consecutive day of decline.
As a seasoned researcher with years of experience navigating the dynamic and unpredictable world of cryptocurrencies, I must say that the recent developments surrounding Solana (SOL) staking have been nothing short of intriguing. The rise in staked SOL volume to an impressive $52 billion is a testament to the growing interest and trust in the Solana network. However, the current six-day downtrend for SOL is a stark reminder that the crypto market can be as mercurial as a rollercoaster ride at times.
In the last day, the Solana staking environment has seen several significant advancements as different platforms suggest the introduction of fresh SOL staking options.
This news initially positively impacted Solana’s [SOL] price, briefly lifting market sentiment.
Nevertheless, even with the initial excitement, the cost of SOL ultimately gave way to a declining trend. Concurrently, it’s worth noting that the amount of SOL being staked has seen an uptick as well.
Solana staking causes buzz
On August 29th, Binance, Bybit, and Bitget, three significant cryptocurrency trading platforms, published mysterious but matching updates on their social media accounts (previously known as Twitter).
These messages fueled speculation about upcoming Solana staking features.
Binance teased,
“BNSOL… Coming soon.”
Bybit hinted at a new addition, saying,
“We are welcoming a new baby to the family bbSOL.”
Also, Bitget shared,
“Something BG is coming BGSOL.”
These posts were all met with a response from the official Solana X handle, further stoking speculation that these exchanges are preparing to launch Solana staking features.
The posts garnered positive reactions from the community, indicating strong anticipation for the potential introduction of SOL liquid staking options on these platforms.
Staking your tokens with liquid staking gives you the ability to earn rewards even while keeping your assets fluid. This is accomplished by issuing you a substitute token, which can either be traded or utilized in various other contexts.
Solana staking volume sees an increase
Based on the latest study, there was a substantial rise in the amount of Solana (SOL) that was staked by the close of trading on August 29th.
This growth coincided with Solana staking developments teased by major exchanges such as Binance, Bybit, and Bitget.
According to Staking Rewards data, the amount of SOL tokens staked was approximately 378.3 million on the 28th of August. But just one day later, on the 29th, this number surpassed 380 million SOL.
With around 65% of the entire Solana (SOL) supply now being staked, the market cap associated with this practice has soared to roughly $52 billion.
As a crypto investor, I’ve got my eyes on Solana. At the moment of writing this, data from DeFiLlama reveals that the platform’s Total Value Locked (TVL) stands approximately at $4.9 billion. This suggests a robust and thriving DeFi ecosystem on Solana.
Staking platforms providing liquidity have played a major role in boosting the Total Value Locked (TVL), as an illustration, Jito alone has more than $1.7 billion locked in it.
SOL spikes for a bit
As a crypto investor, I’ve been keeping an eye on Solana [SOL], and the analysis by AMBCrypto piqued my interest. Their observations pointed out that the price trend of SOL showed a subtle response to the recent staking developments, which took place on the 29th of August.
That particular day, Solana’s opening price was roughly $144. It momentarily peaked at about $147, but it failed to maintain that growth trajectory and instead dropped back down to approximately $140.
As of this writing, SOL is trading at approximately $139, marking a less than 1% decline.
This decrease suggests that the initial enthusiasm about the staking advancements didn’t generate enough sustained positivity to continually influence Solana’s (SOL) price in a favorable way.
If SOL maintains its decline during this current trading day, it would represent the sixth straight day of decreases, underscoring persistent bearish influence.
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2024-08-30 14:16