Solana leads in weekly stablecoin transfer volume

Author: Nancy Lubale, CoinTelegraph; Compiled by: Whitewater, Golden Finance

Solana has surpassed Ethereum to become the blockchain with the largest weekly stablecoin transfer volume.

Data from blockchain analysis platform Artemis shows that Solana’s stablecoin has a weekly transfer volume of US$364.7 billion. , surpassing the Ethereum network’s $152.99 billion. Other top chains like Tron and BNB Chain have transaction volumes of $101.57 billion and $22.75 billion respectively.

Stablecoin weekly transfer volume. Source: Artemis

This number plus the total stablecoin transfers in March is currently At $804 billion, it almost exceeded the $960 billion in total Solana stablecoin transfers in February.

Additionally, $804 billion in stablecoin transfer volume so far in March This is an increase of 3,410% from $11.56 billion in March 2023.

Solana currently occupies 42.3% of the stablecoin market, up from one year ago The share of the top 1.9% has grown significantly.

Stablecoin transfer volume in one year. Source: Artemis

Stablecoin activity on Solana began to pick up in October 2023 and has grown steadily by 1,770% since then.

Ethereum has been the industry leader in stablecoin transfer volume, but has lagged behind Solana since the beginning of the year. The Layer 1 blockchain had a market share of over 31% in December 2023, but has since lost its dominance to Solana, which currently accounts for approximately 27% of stablecoin transfer volumes.

The third largest stablecoin transfer blockchain is Tron, with $101.57 billion transferred last week and $366.5 billion so far in March.

DefiLlama data shows that in addition to stablecoin trading volume, decentralized finance (DeFi) activity on Solana has also increased, bringing its total value locked to $4.55 billion in April 2022 highest level since.

This is also evidenced by the increase in decentralized exchange (DEX) trading volume, with Solana surpassing Ethereum and other chains on March 19.

This week, Solana-based DEX trading volume increased by 70%, rising by Mach 19 to $3.37 billion.

Same period, based on Ethernet Trading volume on Fang’s decentralized exchange grew just 0.63% to $3.05 billion.

According to Alchemy, there are 26 DEXs on Solana. Orca is the largest DEX on Solaba, accounting for 88% of total trading volume.

This performance of the Solana network is aided by growing interest in memecoins in the ecosystem led by Book of Meme (BOME), Dogwifwhat (WIF), BONK, and Slerf.