Solana blockchain seeing record growth in stablecoin transfers
Solana blockchain seeing record growth in stablecoin transfers
Solana's stablecoin transfer volume continues to grow, setting a new record in January. The volume of Solana transactions for the current month has already exceeded $300 billion, which is significantly higher than previous figures.
At the end of December, the volume of transfers on the Solana blockchain totaled $297 billion, according to analytics platform Artemis.
Compared to the beginning of 2023, the number of transfers has increased more than 25 times, while in January this year, the volume of transfers amounted to only $11.56 billion.
Analysts recorded a significant increase in stablecoin activity on Solana in October 2023, after which the growth amounted to 650%. As such, Solana is now the second-largest stablecoin by transaction volume. Solana's share is 32%, up from 1.2% a year ago.
Ethereum remains the leader in stablecoin transfers, having generated $317 billion in transfers for a total blockchain market share of over 33%. Solana's gap with Ethereum is rapidly closing.
In third place is the Tron blockchain, with $240 billion in monthly transfer volume.
Shibarium is also seeing an increase in the number of transactions, with a quantitative growth of 9,000% in the last four months. The number of transactions is approaching 300 million. The total value of locked stablecoins on Shibarium is currently around $833,000 and peaked at $1 million in December.
Artemis recorded a peak of $367 billion in weekly stablecoin transfers on January 16th. At that time, record volumes of USDC transfers to Solana were noted.
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More and more stablecoins are being launched on the Solana blockchain. In particular, issuer Paxos announced on January 18 that its regulated USDP steiblcoin was launched on the Solana blockchain.
According to statistics, $1.18 trillion worth of stablecoins have been transferred across all blockchains through 2023.
The Solana blockchain is also seeing an increase in decentralized finance (DeFi) activity. As a result, the total blockchain value of stablecoins on Solana has reached a record high of $1.36 billion.
At the time of writing, the value of Solana was $92.76. The decline for the week reached 5.4%, and the asset is now trading in a sideways trend. From its maximum level in December 2023 ($123), the stablecoin has lost 25% of its value.
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