Solana leads the way in weekly stable coin circulation volume.
Solana replaces Ethereum blockchain with weekly stablecoin transfers.
According to data from blockchain analytics platform Artemis, Solana's weekly turnover for stablecoins reached $364.7 billion, surpassing the Ethereum network, which reported $152.99 billion. Other top chains like Tron and BNB Chain saw $101.57 billion and $22.75 billion respectively.
The figure adds to the total stablecoin transfer volume of March, which currently stands at $804 billion, eclipsing almost 960 billion dollars in the transfer volume of Solana stablecoin in February.
Moreover, March's $804 billion year to date is 3,410% higher than the $11.56 billion stablecoin turnover in March 2023.
Solana currently holds a 42.3% share of the stablecoin market, which is a significant increase from its 1.9% share a year ago.
Stablecoin activity on Solana started gathering in October 2023 and has steadily increased by 1,770% since then.
Ethereum, which has always been the industry leader for stable coin circulation, has followed 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 27% of the stablecoin's transaction volume.
The third largest blockchain for stable coin transactions is Tron, with $101.57 billion last week and $366.5 billion in March.
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In addition to stablecoin volumes, decentralized finance (DeFi) activity on Solana has increased, pushing its total value to $4.55 billion, the highest level since April 2022, according to data from Defilama.
This is confirmed by the increase in the volume of decentralized exchange (DEX), Solana surpassed Ethereum and other chains on March 19.
Trading on Solana-based DEXs surged 70% for the week, reaching $3.37 billion as of March 19.
Volume on Ethereum-based decentralized exchanges rose 0.63% to $3.05 billion over the same period.
According to Alchemy's information, there are 26 DEXs on Solana. Orca is the largest DEX on Solaba, accounting for 88% of the total volume.
This performance in the Solana network was fueled by growing demand for memecoins in an ecosystem led by BookMeme (BOME), DogWifeWhat (YF), Bonk, and Slurf.
Solana (SOL) price has been on a rally this year, rising more than 90% to trade at $193 at press time. Smart Contractors Token is now 35% from its November 2021 all-time high of $260 and remains on track to break this level and enter price discovery.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
