Solana surpasses Ethereum in stablecoin volume over the span of 7 days.
Solana, the blockchain platform once hailed as an “Ethereum killer,” has surpassed Ethereum in terms of stablecoin transaction value, with users transacting $100 billion on Solana. This milestone was achieved in just seven days, with a difference in volume of over $13 billion between Solana and Ethereum, according to Artemis.xyz.
Solana’s rise to prominence can be attributed to a series of activities on its blockchain, including the popularity of digital art inscriptions and the frenzy surrounding meme coins. Some traders were able to turn a small investment into a six-figure profit. Additionally, airdrops like Jito attracted a large number of users to Solana’s blockchain.
The growing interest in Solana has had a direct impact on its native cryptocurrency, SOL. The price of SOL has reached levels not seen since the collapse of Terra in 2022. Last year, SOL experienced a remarkable 1,000% gain and was trading above $110 at the time of writing.
As interest in Solana increased, so did on-chain trading. Decentralized exchanges (DEX) on Solana recorded a volume of over $28 billion in December alone. The blockchain also achieved new highs in terms of monthly active addresses, and SOL’s market cap surpassed $50 billion.
This surge in activity has propelled SOL to become the fifth-largest cryptocurrency, surpassing Ripple’s XRP token. Solana is now closely behind Binance’s BNB coin and boasts a higher 24-hour trading volume, according to Coingecko.
With upcoming token airdrops and the launch of Jupiter, a rising DEX on Solana, in January, participants in the Solana ecosystem can expect more rewards and opportunities in the near future.
In conclusion, Solana’s achievement of $100 billion in stablecoin volume marks a significant milestone for the blockchain platform. Its growing popularity and success have positioned SOL as a major player in the cryptocurrency market.
