Solana Joins Lending Platform Nexo, should you invest?

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Updated on Mar 28, 2022

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Solana has joined the lending platform known as Nexo.
Users are now given the opportunity to buy, swap, and borrow against and earn up to 8% interest.
This could lead to an increase in the SOL token's value.

Solana SOL/USD is an open-source as well as a high-speed blockchain platform for decentralized applications and has support for over 400 projects, some of which are in the fields of decentralized finance (DeFi), Non-Fungible Tokens (NFTs), and Web 3.0. Solana uses a consensus mechanism that is a combination of Proof-of-Stake (PoS) and Proof-of-History (PoH).

The Nexo implementation as a catalyst for growth

Solana (SOL) has joined Nexo. This has, in turn, allowed its users to buy, swap, borrow against, and earn up to 8% interest on the SOL tokens.

Nexo is a blockchain-based lending platform that allows users to get Bitcoin (BTC), Ether (ETH), Litecoin (LTC), or Ripple (XRP) collateral to receive a loan in the form of FIAT money or stablecoin.

That being said, through this implementation, Nexo now lets users buy SOL instantly, and all users really have to do to buy SOL is to add their bank information within the Nexo Wallet.

The SOL market pairs that are available on Nexo are SOL/BTC, followed by SOL/ETH, SOL/USDT, SOL/USD, and even SOL/EUR and SOL/GBP.

That being said, users can grow their savings safely with up to 8% interest. This is paid out daily on SOL with what is known as Nexo’s Earn Crypto Interest suite, where the passive income generated by users will start growing the moment that they top it up. Let’s take a look at the recent news and explore the Solana price predictions for this year.

Should you invest in Solana (SOL)?

On October 5, Solana (SOL) had a value of $166.38.

To evaluate what kind of the point of value this is for the token, we will be comparing this value to the all-time high value the token ever achieved, as well as its performance in September.

The all-time high value of the SOL token was on September 9, when the token achieved a value of $213.47. At its all-time high, when compared to the value on October 5, SOL was $47.09 higher in value or 28%.

On September 1 was the lowest value point of the SOL token at $107.07. A few days later, on September 9, it got to its highest point of the month at $212.26.

Here we can see that the token grew by $105.19 or by 98% in value which is exceptional growth. However, from September 9 to October 5, it is $45.88 lower in value with a drop by 21%.

Based on all of this, we can expect the SOL token to increase its value to $191.33 by the end of October. Check our Solana price predictions for more information.