The switch quantity of stablecoins on the layer-1 Solana blockchain has been steadily rising, hitting a brand new document to this point this month.
In accordance with blockchain analytics platform Artemis, stablecoin switch quantity on Solana has already exceeded $300 billion in January.
The determine has already eclipsed the $297 billion in Solana stablecoin switch quantity for December.
Furthermore, January’s $303 billion thus far is 2,520% greater than the $11.56 billion stablecoin switch quantity in January 2023.
Solana’s stablecoin market share is at the moment virtually 32% which is a big improve from the 1.2% share it had a yr in the past.
Stablecoin exercise on Solana began selecting up in October and has steadily elevated by 650% since then.
Ethereum is the business chief for stablecoin switch quantity with $317 billion to this point this month giving it a market share of greater than 33%, nevertheless, Solana is quickly catching up.
The third largest blockchain for stablecoin transfers is Tron with $240 billion to this point this month.
On Jan. 16, Artemis famous that weekly stablecoin volumes throughout all networks had reached a yearly excessive. It attributed the expansion to USDC switch volumes on Solana.
Stablecoin switch quantity surpassed $367 billion for the week of January eighth.
This notable progress could be attributed to the $USDC switch quantity on @solana, which has propelled stablecoins to succeed in their highest switch quantity ranges in over a yr. pic.twitter.com/jpitEHXPxn
— Artemis (@artemis__xyz) January 16, 2024
On Jan.18, Paxos introduced that its regulated stablecoin USDP had launched on the Solana blockchain.
Over the previous yr, greater than $1.18 trillion in stablecoins was transferred throughout all blockchains mixed.
Associated: 3 the reason why Solana (SOL) value is down this week
Along with stablecoin volumes, there was an uptick in decentralized finance (DeFi) exercise on Solana. This has pushed complete worth locked to its highest stage since September 2022 at $1.36 billion, in accordance with DeFiLlama.
SOL costs have been in retreat this week, falling 2% over the weekend to commerce at $93 on the time of writing. The asset has now retreated 25% from its December 2023 excessive of $123 and stays down 64% from its all-time excessive of $260 in November 2021.
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