April 24, 2024


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Solana “beats” Ethereum – did USDC have a say here?

Solana “beats” Ethereum – did USDC have a say here?

  • Solana has recorded the highest stablecoin volumes for three months in a row.
  • Solana's rise was linked to the growth of USDC.

Solana [SOL] It has consolidated its position as the largest stablecoin settlement chain, comprehensively outperforming its competitors.

Solana stablecoins

According to AMBCrypto's analysis of Artemis data, the network handled more than $310 billion in stablecoin volumes over the course of the week, more than double the transactions of historically dominant Ethereum. [ETH].

The weekly increase was part of a broader market takeover in 2024, which has seen Solana dominate the rankings for three straight months.

To underscore the extent of the shift, Solana stablecoin volume in the first three months of 2024 was 3.8 times higher than the total volume recorded in the entire year of 2023.

Solana stablecoin size

Source: Artemis

As of March 23, the daily volume of stablecoins on the smart contract network was 60 times larger than it was a year ago.

This set of developments was very different from the bear market that Ethereum and Tron experienced [TRX] It has captured more than 80% of the total stablecoin settlement market.

Interestingly, Tron stablecoin volumes have remained largely the same in the past three months. It was clear that Solana's rise was built on him capturing a large slice of the Ethereum market.

Solana's rise is linked to the return of USDC

US dollar currency [USDC] It was Solana's dominant stablecoin, accounting for nearly 71% of the total supply, according to an AMBCrypto scan. DeFiLlama Data.

In fact, USDC volumes on Solana were the primary driver of the boost in overall stablecoin transfer volumes in 2024.

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Data from Artemis showed that USDC has overtaken the world's largest stablecoin – Tether [USDT] — to become the most traded stablecoin in 2024.

USDC stablecoin volume

Source: Artemis

How much is 1,10,100 SOLs worth today?

Meanwhile, the original on-chain token SOL failed to cross $175 in the last 24 hours of trading, according to CoinMarketCap.

The fifth-largest cryptocurrency crossed the $200 mark last week amid the meme craze, but fell sharply as traders took profits.