The SOL-Based Crypto Platform Solana Goes Live With Fixed-Rate Term Lending

The Solana (SOL) network has garnered considerable interest from regulators, developers, and users, largely thanks to its unique offering of the Saga mobile, a fully functional smartphone built on the blockchain ecosystem.

Despite the setbacks caused by the collapse of FTX and Alameda in the previous year, the Solana team has remained steadfast in its commitment to constructing the vital foundations required for widespread adoption.

While recovery is ongoing, the network’s potential and future growth prospects continue attracting attention, positioning Solana as a prominent player in the blockchain space.

Solana has shown remarkable stability and growth in recent months, evident from its consistent total value locked (TVL) of $256 million. This indicates that the cryptocurrency has likely reached its lowest point and is poised for further advancement.

Recent market data reveals a notable surge in Solana’s price, with a gain of around 15 percent, bringing it to approximately $16.6 on Friday. This upward trend reflects increasing confidence and interest in Solana as a promising investment option in the ever-evolving crypto landscape.

Solana Network Scales Jet Protocol

Jet protocol, a pioneering decentralized crypto lending and borrowing platform, has recently made a triumphant return, now equipped with a unique feature: fixed rates. This innovative protocol operates on the robust Solana network, positioning itself as a standout in the realm of crypto lending and borrowing.

The Jet protocol sets itself apart from its counterparts by allowing users to transact at fixed rates. Jet Protocol mitigates risk for its customers, unlike many other projects that rely on variable rates. Whether the market experiences ups or downs, users can find solace in the stability and predictability of fixed rates, ensuring a smoother and more secure lending and borrowing experience.

Based on the market data from Defillama, the Jet protocol has shown promising growth with a total value locked of around $196k. The native token, JET, has gained substantial traction, boasting a market capitalization of approximately $1.5 million and an FDV of about $15 million.

The token is trading around $0.00929, and its 24-hour trading volume reached approximately $143k on Friday. Moreover, the protocol has proven its utility, facilitating around $38.58 million in borrowed assets via the Solana network, underscoring its potential and value within the DeFi landscape.

The Jet protocol distinguishes itself through its order book approach, empowering borrowers and lenders to define their own parameters, encompassing interest rates and repayment schedules, fostering a personalized and flexible lending ecosystem.

“It’s not some artificially derived APY,” founder James Moreau said. “It’s entirely market-based.”

As the crypto market gains mainstream acceptance with the support of global regulations, the Jet protocol seizes the opportunity to foster extensive borrowing and lending.

By encouraging increased on-chain activity, the platform boosts its revenue and enhances its credibility, drawing in a growing number of users seeking secure and efficient financial solutions.

Moreau said,

We basically want to see as much of the lending money get borrowed as possible, and so that’s what I’m working on.

Outlook For the market

The rise of cryptocurrencies has undeniably disrupted traditional financial institutions, leading them to invest heavily in decentralized financial protocols to facilitate the integration of cryptocurrencies.

The Solana network, boasting an impressive 97k active users in the past 24 hours, has emerged as a prime attraction for institutional investors and retail traders. Its cost-effective, secure, and scalable transfer of value and cross-chain capabilities through DeFi protocols have solidified its position in the rapidly evolving crypto market.