Solana Surpasses Ethereum in 7-Day Stablecoin Trading Volume for First Time Ever
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
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
Read more on cryptonews.com
