Blockchain users transacted $100 billion in stablecoin volume on Solana for the first time.
Once hailed as a so-called “Ethereum killer”, Solana has flipped crypto’s largest altcoin blockchain in stablecoin transaction value over seven days. The difference in volume between Solana and Ethereum was over $13 billion, according to Artemix.xyz.
This landmark for Solana (SOL) followed a flurry of activities on its blockchain ranging from an inscriptions craze to memecoin mania with some traders turning a few bucks into six-figure hauls. Airdrops like Jito also attracted thousands of users to SOL’s blockchain.
The interest in Solana directly impacted SOL as the crypto returned to prices not seen since Terra’s collapse in 2022. SOL gained 1,000% last year, and the digital asset traded above $110 when this report was written.
As interest and significant price appreciation occurred, on-chain trading followed suit as crypto.news reported. Decentralized exchanges (DEX) on Solana recorded over $28 billion in volume during December alone. The blockchain also set new highs for monthly active addresses, with SOL’s market cap surpassing $50 billion.
This surge allowed SOL to leapfrog Ripple’s XRP token as the fifth-largest cryptocurrency on the market. At press time, Solana was on the heels of Binance’s BNB coin and even boasted greater 24-hour trading volume per Coingecko.
With upcoming token airdrops, more rewards for SOL participants may be on the way. Jupiter, a rising DEX on Solana, is scheduled to launch its native digital currency in January.
Source : crypto.news / Jan 3, 2024