The Solana network overtakes Ethereum in weekly stablecoin transfer volumes as investors gravitate towards airdrops and high returns from the Memecoin frenzy.
informationAccording to blockchain analytics platform Artemis, the weekly transfer volume for Solana stablecoins reached $364.7 billion. This surpasses the Ethereum network’s $152.99 billion volume. Other leading networks such as Tron and BNB Chain had volumes of $101.57 billion and $22.75 billion, respectively.
Solana currently accounts for 42.3% of the stablecoin market share, a significant increase from its 1.9% share last year.
Stablecoin transfer volume on Solana began increasing in October 2023 and has continued to increase by 1,770% since then.
Ethereum was previously the leader in stablecoin transfer volumes, having held over 31% of the market share in December 2023, but has since lost that dominance to Solana, which currently accounts for around 27%. of stablecoin transfer volume
The third largest blockchain for stablecoin transfers is Tron, with $101.57 billion over the past week and $366.5 billion in March.
In addition to stablecoin transfer volumes, decentralized finance (DeFi) activity on Solana has increased, pushing the total value of locked funds to $4.55 billion. This is the highest level since April 2022, according to the data.from DefiLlama
Additionally, trading on Solana-based DEX increased 70% during the week, reaching $3.37 billion on March 19.
refer : cointelegraph.com
picture medium.com
The post Solana Network Leads in Weekly Stablecoin Transfer Volume appeared first on Bitcoin Addict.