Solana's Marginfi Witnesses Explosive Growth, Adds $100M to Supplied Assets in just two days.
Marginfi experienced an unprecedented surge in users and assets following the successful JITO airdrop, with a daily influx of 5,000 new users and total assets reaching an impressive $329 million.
- Author: Sheldon Cooper
- Published: December 9, 2023 at 12:00
- Updated: December 13, 2023 at 19:31
In the wake of one of the most successful airdrops on Solana by JITO, the lending and borrowing platform Marginfi on Solana has witnessed an extraordinary influx of users. This surge is attributed to the anticipation of Marginfi conducting its token airdrop.
Marginfi implemented a points system in July of this year, catering to users engaged in lending, borrowing, and referring other users. Even before the recent surge, the platform boasted 30,000 users, achieving a Total Value Locked (TVL) of $100 million by the first half of November. The platform has gained widespread acclaim for its impressive borrowing and lending rates, user-friendly interface, and No platform fee for the users.
The JITO token launch triggered an unprecedented wave of interest, with thousands of new users bridging to Solana to explore Marginfi for the first time. Remarkably, the platform experienced the addition of 5,000 unique users daily, with 10k users on December 8th, and within two days, over $100 million in supplied assets flooded the platform. At its peak on December 9th, the total assets supplied reached an impressive $329 million, causing a substantial increase in traffic on Marginfi's front end.
According to Marginfi's founder, the core front end witnessed a staggering 110,000 users on December 9th, with 1 million page views. This influx of users, predominantly from outside the Solana ecosystem, represents a unique opportunity for companies building on Solana to showcase the chain's capabilities to a broader audience.
Responding to the explosive growth, Marginfi's creator took to Twitter, stating, "Our engineering team is focused entirely on one simple thing: making sure everything is running as it's supposed to." Emphasizing the importance of performance, security, and risk management, the founder outlined a clear path forward for the platform.
Fueled by this surge in interest, the Solana ecosystem presents an unparalleled opportunity for project founders to exhibit their products to a new and expanding user base. Marginfi's growth signifies the potential for Solana to become a leading force in decentralized finance (DeFi), with the platform's commitment to minimizing security risks crucial for the industry's mainstream adoption.