Solana has surpassed Ethereum to become the leading blockchain in terms of weekly stablecoin transfer volume, according to data from blockchain analytics platform Artemis. Solana recorded a weekly transfer volume of $364.7 billion, surpassing Ethereum’s volume of $152.99 billion. Other top chains, such as Tron and BNB Chain, reported volumes of $101.57 billion and $22.75 billion, respectively.
This latest figure contributes to Solana’s total stablecoin transfer volume for March, which currently stands at $804 billion, almost reaching the $960 billion volume recorded in February. Furthermore, March’s volume is 3,410% higher than the $11.56 billion volume recorded in March 2023.
Solana currently holds a 42.3% market share in the stablecoin market, a significant increase from its 1.9% share a year ago. The growth of stablecoin activity on Solana began in October 2023 and has steadily increased by 1,770% since then.
Ethereum, which has traditionally been a leader in stablecoin transfer volume, has been trailing behind Solana since the beginning of the year. In December 2023, Ethereum had a market share of over 31%, but it has now been overtaken by Solana and currently holds approximately 27% of the stablecoin transfer volume.
Tron is the third-largest blockchain for stablecoin transfers, with a volume of $101.57 billion in the last week and $366.5 billion in March.
In addition to stablecoin volumes, there has been a surge in decentralized finance (DeFi) activity on Solana, resulting in a total value locked of $4.55 billion, the highest level since April 2022, according to data from DefiLlama. This increase in activity is also reflected in decentralized exchange (DEX) volumes, with Solana surpassing Ethereum and other chains on March 19. During the week leading up to March 19, trading volume on Solana-based DEXs increased by 70% to $3.37 billion, while volume on Ethereum-based DEXs only rose by 0.63% to $3.05 billion.
Solana currently has 26 DEXs, with Orca being the largest, accounting for 88% of the total volume.
The growth and success of the Solana network can be attributed to the increasing interest in memecoins within the ecosystem, led by tokens such as Book of Meme (BOME), Dogwifwhat (WIF), BONK, and Slerf.
Solana’s native token, SOL, has experienced a rally this year, with a year-to-date increase of over 90%, trading at $193 at the time of publication. The token is now 35% away from its all-time high of $260 in November 2021 and is expected to break this level and enter price discovery.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.