Solana Price Pumps 18% To $20 As Crypto Traders Tap Liquid Staking Frenzy With mSOL Token
Although generally, the crypto market is stable with the odds favoring the bulls, SOL is among the best-performing tokens on Friday. advertisement Solana Climbs to $20 As mSOL Liquid Staking Takes Traders By Storm Liquid staking platforms like Lido took Ethereum by storm following the transition to a proof-of-stake protocol (PoS). They allow investors to leverage their staked tokens by accessing liquidity through a proxy token. For instance, traders are staking SOL, which earns them annualized returns. A top of this, they receive mSOL tokens, equal to the amount of SOL staked, which they can use as collateral to borrow more SOL. In the end, they can swap the borrowed SOL for the same mSOL. According to a report by CoinDesk, Drift Protocol, a blockchain-based cryptocurrency trading venture on Solana’s network, launched the novel feature on Tuesday dubbed “Super Staking.” Recommended Articles ...