Solana Surpasses Ethereum in 7-Day Stablecoin Trading Volume for First Time Ever

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Supply: AdobeStock / Aleksandra Sova

Layer 1 blockchain Solana (SOL) continues to make waves within the crypto neighborhood because it achieves a number of important milestones.

Over the previous week, the community surpassed Ethereum (ETH) in 7-day stablecoin buying and selling quantity for the primary time ever. 

In line with information from Artemis, the worth of stablecoin transfers on Solana reached a staggering $103 billion final week, outperforming all different networks. 

Ethereum secured the second place with $90.9 billion, adopted by Tron with $82.3 billion and BNB Chain with $14.6 billion.

Qiao Wang, a former researcher for Messari, additionally famous that Solana-based USDC has overtaken Tron-based USDT as essentially the most transacted stablecoin by quantity.

Solana Surpasses Ethereum in NFT Buying and selling Quantity

Along with stablecoin buying and selling quantity, Solana additionally surpassed Ethereum in NFT trade volume for the month of December.

In line with Degen Information, Solana hosted trades price $366.6 million, whereas Ethereum recorded $353.2 million. 

Nonetheless, information from CryptoSlam reveals that over the previous 30 days, Solana’s NFT gross sales amounted to $329.3 million, which is roughly 5% lower than Ethereum’s $345 million throughout the identical interval.

The recognition of Solana is clear not solely in buying and selling volumes but in addition in search traits. 

In mid-December, worldwide searches for “Solana” surpassed these for “Ethereum,” as reported by Google Developments.

These milestones cap off a bullish 12 months for Solana in 2023. 

The value of SOL, Solana’s community token, skyrocketed by 936% from $9.97 firstly of the 12 months to $103.3 on the finish of December, demonstrating the market’s confidence within the community. 

The optimistic momentum was fueled by the alleviation of considerations concerning FTX’s potential liquidation of its SOL holdings, in addition to the rising adoption of the Solana community.

Nonetheless, SOL skilled a slight dip of over 4% previously week, retracting from its 2023 excessive of $121.4 achieved in late December.

Solana’s DeFi sector has additionally seen spectacular progress, with the community’s whole worth locked surging by 254% from $412 million in early November to $1.42 billion at the moment, in response to DeFi Llama.

Moreover, decentralized exchanges (DEXs) on Solana had their strongest month up to now in December, with $28 billion price of trades, greater than triple the amount of November’s $8 billion. 

Jupiter, the main DEX on Solana, accounted for $17 billion of the full. Solana ranked second in month-to-month DEX quantity, trailing behind Ethereum’s $42.4 billion.

Solana Sees an Inflow of New Tokens

As reported, the Solana blockchain community has skilled an unprecedented inflow of latest tokens this month, surpassing any earlier information by a big margin. 

Over the past two weeks alone, a staggering 72,202 new tokens have been minted on Solana utilizing the SPL token normal. 

This quantity is greater than 71 instances the quantity of tokens created throughout a comparable interval in October.

The every day statistics for brand new token creation on Solana at the moment are persistently 4 instances increased than ever earlier than because the community’s launch in 2020. 

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