Solana Takes the Lead in Stablecoin Trading Volume
Layer 1 blockchain Solana (SOL) has achieved significant milestones, surpassing Ethereum (ETH) in 7-day stablecoin trading volume for the first time. Last week, Solana’s stablecoin transfers reached $103 billion, outperforming all other networks. Ethereum came in second with $90.9 billion, followed by Tron and BNB Chain. Additionally, Solana-based USDC has overtaken Tron-based USDT as the most transacted stablecoin by volume.
Solana Surpasses Ethereum in NFT Trading Volume
Solana has also surpassed Ethereum in NFT trade volume for December. Solana hosted trades worth $366.6 million, slightly higher than Ethereum’s $353.2 million. However, over the past 30 days, Solana’s NFT sales amounted to $329.3 million, approximately 5% less than Ethereum’s $345 million during the same period.
Solana’s Impressive Year and Growth in DeFi Sector
Solana had a bullish year in 2023, with its network token SOL experiencing a price increase of 936%. The network also saw impressive growth in its DeFi sector, with total value locked surging by 254% and decentralized exchanges on Solana having their strongest month to date in December.
Solana Sees Influx of New Tokens
The Solana blockchain network has experienced an unprecedented influx of new tokens this month. Over the last two weeks alone, 72,202 new tokens have been minted on Solana using the SPL token standard, surpassing previous records. The daily statistics for new token creation on Solana are now consistently four times higher than ever before since the network’s launch in 2020.
Hot Take: Solana Continues to Outshine Ethereum
Solana’s recent achievements in stablecoin and NFT trading volumes, as well as its growth in the DeFi sector and influx of new tokens, highlight its increasing popularity and competitiveness against Ethereum. With its impressive milestones and market confidence, Solana is poised to make further waves in the crypto community.
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