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Solana Surpasses Ethereum in Daily Stablecoin Volume

Published 12/20/2023, 11:30 PM
Updated 12/20/2023, 11:45 PM
© Reuters Solana Surpasses Ethereum in Daily Stablecoin Volume
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  • Solana’s stablecoin transfer volume jumps 600%, reaching $16.6 billion.
  • Following the JTO airdrop, Solana saw increased activity and integrated Euro Coin.
  • The cryptocurrency’s market value and DeFi TVL showed significant growth.

Solana has recently marked a notable achievement in the world of cryptocurrencies. As a crypto journalist, Laura Shin stated that the network’s daily stablecoin transfer volume has witnessed a remarkable 600% increase as of December 2023 on X (formerly Twitter). This surge, bringing the volume to $16.6 billion, catapults Solana ahead of established blockchain networks like Ethereum, Tron, BNB Chain, and Arbitrum.

In 2022, its daily transfer volumes fluctuated between $33 million and $743 million, never crossing the billion-dollar mark. Nirmal Krishnan, Head of Engineering at Artemis, while shedding light on this growth stated:

The JTO airdrop on December 7 was a catalyst, p…

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