Stablecoin transaction volume on the Solana network grew 28 times in a year

By January 1, the figure was $322,3 billion

22.01.2024 - 10:12

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3 min

What’s new? The volume of transactions with stablecoins on the Solana blockchain grew 28 times over the year and amounted to $322,3 billion on January 1, which was an absolute record for the project. According to data from blockchain analytics platform Artemis Terminal, a year ago the figure was at $11,56 billion. In addition, Solana’s market share in total network transfers of stablecoins jumped from 1,17% to 31,82% over the same period.

Artemis Terminal’s data

What else is known? For the first time, the volume of stablecoin transfers to Solana exceeded the $1 billion mark in March 2021. The next notable jump was recorded at the peak of the bull market in the same year: in November, the figure amounted to $133,23 billion, which was a record for the next two years. Already in December, the figure fell by 70% and in January by 74%. In October 2022, the figure fell to a 19-month low of $237 billion.

Only a year later, in October 2023, the figure recovered to $40,21 billion, by November it reached $86,22 billion, and by December — $297,34 billion. The jump coincided with a sharp rise in the rate of Solana’s native token, which was accompanied by an increase in network activity.

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In total, over 2023, the SOL exchange rate increased by 917%, and the asset rose from 18th to fifth place in the overall ranking of cryptocurrencies by market capitalization. In Q4 alone, SOL jumped by 468% and reached a 9-month high of $121,5 in December. Also, from October through December, the average daily trading volume of the asset reached $2 billion.

As of January 22, 09:30 UTC, SOL is trading at $88,62 on Binance, having lost 4,54% overnight.

Earlier, analysts at The Block reported that the share of USDT from the Tether issuer in the total volume of stablecoins for the year increased by 21% and reached 71%.

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