Solana surpassed Ethereum in daily stablecoin transfer volume with a 600% increase

Solana Overtakes Ethereum

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Solana has reached an impressive milestone as it surpassed Ethereum in daily stablecoin transfer volume. As reported by prominent crypto ecosystem journalist Laura Shin, the network has seen a staggering 600% increase in this indicator through December 2023, bringing the volume to a staggering $16.6 billion. This achievement not only positions Solana as a force to be reckoned with in the blockchain ecosystem, but also puts it ahead of other established networks such as Ethereum, Tron, BNB Chain, and Arbitrum.

Solana surpassed Ethereum in daily stablecoin volume

In 2022, Solana’s daily transfer volumes ranged from $33 million to $743 million, failing to reach the trillion-dollar mark. Nirmal Krishnan, Head of Engineering at Artemis, sheds light on this growth by highlighting the role of the JTO airdrop on December 7 as a key catalyst. This event propelled Solana to lead in DEX (decentralized exchanges) and NFT (non-fungible tokens) trading volume.

A booming ecosystem

The increase in stablecoin volume is a testament to the intense activity and liquidity within the Solana ecosystem. The recent integration of Euro Coin (EURC) by Circle, a prominent issuer of USD Coin (USDC), has further strengthened Solana’s position in the market. These developments not only consolidate its position but also provide fertile ground for the flourishing of decentralized finance applications and digital wallets on the network, thereby enhancing their attractiveness and utility.

Impact on SOL price

The impact of these developments is evident in Solana’s market performance. At the time of writing, Solana (SOL) is trading at $76.66, with 24-hour volume exceeding $2 billion, marking an increase of 2.07%, according to data from CoinGecko. In contrast, Ethereum, despite its larger market cap, has seen a 1.19% decline, trading at $2,217 with volume exceeding $10 billion.

Solana’s price resurgence has revitalized its chain activities. Network transaction count and Total Value Locked (TVL) have seen a significant increase. Since the September 2023 lows, SOL’s value has tripled. Correspondingly, its DeFi TVL, according to data from DeFiLlama, has also tripled since July 2023, now exceeding $1 billion.