Solana Outshines Ethereum as Top Blockchain in Stablecoin Transfer Volume
Summary:
Solana has surpassed Ethereum to become the leading blockchain in weekly stablecoin transfer volume, with $364.7 billion against Ethereum's $152.99 billion. This surge contributes to March's total stablecoin transfer volume, which is set to surpass February's total of $960 billion. Solana now owns 42.3% of the stablecoin market share, up from 1.9% a year ago, with Ethereum trailing at 27%. DeFi activity on Solana is also seeing a boost, witnessing its total locked value skyrocket to $4.55 billion. Amidst this, trading on Solana-based DEXs has surged by 70%, with increased interest in memecoins driving Solana's network performance and its token, SOL, witnessing a year-to-date price jump of over 90%.
Solana has outperformed Ethereum to take the lead as the top blockchain for weekly stablecoin transfer volume. According to numbers from Artemis, a blockchain analytics platform, Solana's stablecoin volume hit $364.7 billion on a weekly basis, surpassing Ethereum's $152.99 billion. Tron and BNB Chain, other major chains, generated volumes of $101.57 billion and $22.75 billion, respectively.
Solana's figure contributes to the total stablecoin transfer volume for March, which sits at $804 billion, close to overtaking February's $960 billion stablecoin transfer volume on Solana. Remarkably, March’s total so far is 3,410% higher than the $11.56 billion transferred in March 2023. Currently, Solana is responsible for 42.3% of the stablecoin market, a significant jump from its 1.9% share one year ago.
From October 2023, stablecoin activity on Solana began to grow and has since risen by 1,770%. Ethereum, long a dominant force for stablecoin volume, has been lagging behind Solana since the start of 2023. As of December 2023, Ethereum held over 31% of the market, but has since lost some ground to Solana, holding approximately 27% of stablecoin transfer volume. Tron ranks third in stablecoin transfers with a weekly figure of $101.57 billion and a monthly figure so far of $366.5 billion.
Alongside stablecoin volumes, decentralized finance (DeFi) activity on Solana has seen a rise, taking its total locked value to its highest since April 2022, at $4.55 billion, as reported by DefiLlama. A surge in decentralized exchange (DEX) volume puts Solana ahead of Ethereum and others as of March 19.
Trading on Solana-based DEXs grew by 70% in the week ending March 19, reaching $3.37 billion. Contrastingly, Ethereum-based decentralized exchanges only increased by 0.63% over the same period, hitting $3.05 billion. Solana has 26 DEXs, with Orca accounting for 88% of the total volume.
Interest in memecoins within Solana's ecosystem, signaled by Book of Meme (BOME), Dogwifwhat (WIF), BONK, and Slerf, has been a significant driver for its network's performance. Solana’s (SOL) price has also seen a surge this year, witnessing over 90% growth year-to-date, trading currently at $193. Being only 35% away from its all-time high of $260 in November 2021, the smart contracts token is well on its way to topple this record.
Please note: this article doesn't offer investment advice or recommendations. All investments and trading maneuvers carry risk, and individuals should carry out their own detailed research before deciding on any action.
Published At
3/26/2024 12:45:00 AM
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