Solana Surpasses Ethereum in 7-Day Stablecoin Trading Volume for First Time Ever

Source: AdobeStock / Aleksandra Sova

Layer 1 blockchain Solana (SOL) continues to make waves in the crypto community as it achieves several significant milestones.

Over the past week, the network surpassed Ethereum (ETH) in 7-day stablecoin trading volume for the first time ever. 

According to data from Artemis, the value of stablecoin transfers on Solana reached a staggering $103 billion last week, outperforming all other networks. 

Ethereum secured the second position with $90.9 billion, followed by Tron with $82.3 billion and BNB Chain with $14.6 billion.

Qiao Wang, a former researcher for Messari, also noted that Solana-based USDC has overtaken Tron-based USDT as the most transacted stablecoin by volume. 

https://twitter.com/QwQiao/status/1742247099649990868?s=20

Solana Surpasses Ethereum in NFT Trading Volume

In addition to stablecoin trading volume, Solana also surpassed Ethereum in NFT trade volume for the month of December.

According to Degen News, Solana hosted trades worth $366.6 million, while Ethereum recorded $353.2 million. 

However, data from CryptoSlam reveals that over the past 30 days, Solana’s NFT sales amounted to $329.3 million, which is approximately 5% less than Ethereum’s $345 million during the same period.

The popularity of Solana is evident not only in trading volumes but also in search trends. 

In mid-December, worldwide searches for “Solana” surpassed those for “Ethereum,” as reported by Google Trends.

These milestones cap off a bullish year for Solana in 2023. 

The price of SOL, Solana’s network token, skyrocketed by 936% from $9.97 at the beginning of the year to $103.3 at the end of December, demonstrating the market’s confidence in the network. 

The positive momentum was fueled by the alleviation of concerns regarding FTX’s potential liquidation of its SOL holdings, as well as the increasing adoption of the Solana network.

However, SOL experienced a slight dip of over 4% in the past week, retracting from its 2023 high of $121.4 achieved in late December.

Solana’s DeFi sector has also seen impressive growth, with the network’s total value locked surging by 254% from $412 million in early November to $1.42 billion currently, according to DeFi Llama.

Furthermore, decentralized exchanges (DEXs) on Solana had their strongest month to date in December, with $28 billion worth of trades, more than triple the volume of November’s $8 billion. 

Jupiter, the leading DEX on Solana, accounted for $17 billion of the total. Solana ranked second in monthly DEX volume, trailing behind Ethereum’s $42.4 billion.

Solana Sees an Influx of New Tokens

As reported, the Solana blockchain network has experienced an unprecedented influx of new tokens this month, surpassing any previous records by a significant margin. 

Over the last two weeks alone, a staggering 72,202 new tokens have been minted on Solana using the SPL token standard. 

This number is more than 71 times the amount of tokens created during a comparable period in October.

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. 

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