Solana has overtaken Ethereum in weekly stablecoin transaction volume with a $365 billion figure

Solana has reached $854,5 billion since the beginning of the month

26.03.2024 - 08:18

2 min

What’s new? The Solana blockchain has more than doubled the Ethereum network in weekly stablecoin transaction volume ($364,7 vs. $152,99 billion) to take the top spot, according to data from analytics platform Artemis. Solana’s total since the beginning of March reached $854,5 billion, it is approaching the historic high set at the end of last month at $960,5 billion.

Artemis’ data

What else is known? Compared to March last year, the volume of stablecoin transactions on Solana has increased by 3631%. Solana now accounts for 42,3% of the stablecoin market share, which is a significant increase from 1,9% a year ago. Stablecoin activity on Solana started growing sharply in October 2023 and has since added 1887%.

Decentralized finance (DeFi) activity is also surging on Solana, with the total value locked (TVL) of blockchain protocols of $4,672 billion, the highest level since April 2022, according to DefiLlama.

Specifically, trading volume on decentralized exchanges (DEXs) on the Solana network grew by 70% over the week to reach $3,37 billion. The Ethereum indicator for the same period showed growth of only 0,63% and amounted to $3,05 billion.

26 DEXs are operating in the Solana network, the largest being Orca, which accounts for 88% of the trading volume. The increase in activity is due to a surge in interest in meme tokens on Solana, such as Book of Meme (BOME), Dogwifwhat (WIF), BONK, and SLERF.

The network has seen explosive growth in the popularity of running meme tokens on a presale model, which has also caused it to become overloaded and fraudulent activity to increase.

At the time of writing the news, the native token SOL ranks fifth in the cryptocurrency market capitalization ranking with a market capitalization of $86,3 billion and is trading on Binance at $194,4, the highest since late December 2021. The asset has added 4% overnight and 91% since the beginning of the year.

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