Solana handled more than $310 billion in stablecoin volumes over the week, more than double that of historically-dominant Ethereum.
According to AMBCrypto’s analysis of Artemis data, the network handled more than $310 billion in stablecoin volumes over the week, more than double that of historically-dominant
The weekly surge was part of a broader market capture in 2024, which has seen Solana dominate the rankings for three months in a row. To ascertain the extent of the turnaround, Solana’s stablecoin volume in the first three months of 2024 was 3.8x higher than the total volume recorded in the whole of 2023.As of the 23rd of March, daily stablecoin volume on the smart contracts network was 60 times more than what it used to be a year ago.Interestingly, Tron’s stablecoin volumes largely remained the same in the last three months. It was evident that Solana’s rise was built on scooping a big slice of Ethereum’s market.
In fact, USDC volumes on Solana were the primary drivers in boosting overall stablecoin transfer volumes in 2024.Meanwhile, the chain’s native token SOL failed to break above $175 in the last 24 hours of trading, according to The fifth-largest cryptocurrency broke past $200 in the last week on meme coin frenzy, but retraced sharply as traders booked profits.Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance. He prefers DC over Marvel, cats over dogs and Hyderabadi Biryani over Kolkata Biryani.
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