- Solana recorded the very best stablecoin volumes for 3 months in a row.
- Solana’s rise was linked with the expansion of USDC.
Solana [SOL] has solidified its place as the biggest chain for stablecoin settlements, outperforming its opponents comprehensively.
Solana for stablecoins
Based on AMBCrypto’s evaluation of Artemis information, the community dealt with greater than $310 billion in stablecoin volumes over the week, greater than double that of historically-dominant Ethereum [ETH].
The weekly surge was a part of a broader market seize in 2024, which has seen Solana dominate the rankings for 3 months in a row.
To establish the extent of the turnaround, Solana’s stablecoin quantity within the first three months of 2024 was 3.8x increased than the whole quantity recorded in the entire of 2023.
Supply: Artemis
As of the twenty third of March, every day stablecoin quantity on the sensible contracts community was 60 occasions greater than what it was once a yr in the past.
These set of developments had been fairly in contrast to the bear market, throughout which Ethereum and Tron [TRX] cornered greater than 80% of the whole stablecoin settlement market.
Curiously, Tron’s stablecoin volumes largely remained the identical within the final three months. It was evident that Solana’s rise was constructed on scooping a giant slice of Ethereum’s market.
Solana’s rise linked to USDC’s resurgence
USD Coin [USDC] was the dominant stablecoin on Solana, accounting for nearly 71% of the whole provide, in line with AMBCrypto’s examination of DeFiLlama information.
In reality, USDC volumes on Solana had been the first drivers in boosting general stablecoin switch volumes in 2024.
Information from Artemis confirmed USDC overtaking the world’s largest stablecoin — Tether [USDT] — to grow to be probably the most traded stablecoin in 2024.
Supply: Artemis
How a lot are 1,10,100 SOLs worth today?
In the meantime, the chain’s native token SOL failed to interrupt above $175 within the final 24 hours of buying and selling, in line with CoinMarketCap.
The fifth-largest cryptocurrency broke previous $200 within the final week on meme coin frenzy, however retraced sharply as merchants booked income.
