Solana leads in weekly stablecoin transfer volume

Solana has surpassed Ethereum to become the number one blockchain in terms of weekly stablecoin transfer volume.

Data from blockchain analytics platform Artemis reveals Solana's weekly stablecoin transfer volume reached $364.7 billion, surpassing the Ethereum network's reported figure of $152.99 billion. Other leading chains such as Tron and BNB Chain have a volume of $101.57 billion and $22.75 billion respectively.


Khối lượng chuyển stablecoin hàng tuần | Nguồn: Artemis

This adds to the total stablecoin transfer volume in March, which now stands at $804 billion, almost catching up with Solana stablecoin transfer volume of $960 billion in February.

Furthermore, March's $804 billion so far is 3,410% higher than the stablecoin transfer volume of $11.56 billion in March 2023.

Solana now holds a 42.3% share of the stablecoin market, up significantly from the 1.9% market share they held a year ago.


Stablecoin transfer volume in one year | Source: Artemis

Stablecoin activity on Solana began to increase in October 2023 and has steadily increased by 1,770% since then.

While it has spent most of its time leading the industry in stablecoin transfer volume, Ethereum has lagged behind Solana since the beginning of the year. This layer 1 blockchain had a market share of over 31% in December 2023 but has since lost dominance to Solana, which now accounts for about 27% of stablecoin transfer volume.

The third largest blockchain in terms of stablecoin transfers is Tron, which recorded $101.57 billion last week and $366.5 billion so far in March.

In addition to stablecoin volumes, decentralized finance activity on Solana also increased, pushing total value locked to $4.55 billion, the highest level since April 2022, according to data from DefiLlama.

This has also been demonstrated by increased decentralized exchange (DEX) volumes. In fact, Solana surpassed Ethereum and other chains in this metric on March 19.

Trading on DEXs at Solana increased 70% during the week, reaching $3.37 billion on March 19.


DEX volume by chain | Source: DefiLlama

Volume at decentralized exchanges on Ethereum increased just 0.63% to $3.05 billion during the same period.

There are 26 DEXs on Solana, according to data from Alchemy. Among them, Orca is the largest DEX, accounting for 88% of the total volume.

This performance in the Solana network has been driven by growing interest in memecoins in the ecosystem led by Book of Meme (BOME), Dogwifwhat (WIF), BONK and Slerf.

SOL's price is up this year, adding more than 90% in value year-to-date and trading at $195 at the time of writing. This smart contract token is currently 25% below its November 2021 all-time high of $260 and remains on track to break this level to initiate price discovery.


SOL 4-hour price chart | Source: Tradingview