Solana has outpaced Ethereum to claim the top spot in weekly stablecoin transfer volume, driven by investor pursuit of yield, airdrops, and the frenzy surrounding memecoins. Data from blockchain analytics platform Artemis indicates that Solana’s weekly stablecoin transfer volume surged to $364.7 billion, surpassing Ethereum’s $152.99 billion. Tron and BNB Chain followed with volumes of $101.57 billion and $22.75 billion, respectively.
March witnessed a remarkable surge in stablecoin transfer volume, nearing $804 billion, nearly matching Solana’s $960 billion in February. This represents a staggering 3,410% increase compared to March 2023’s $11.56 billion.
Solana Surges in Stablecoins, DeFi Dominates
Solana has significantly expanded its stablecoin market share, rising from 1.9% a year ago to 42.3% presently. The platform’s stablecoin activity surged by 1,770% since October 2023. Despite Ethereum’s historical dominance in stablecoin transfers, Solana has maintained its lead throughout the year. Ethereum’s market share dropped from over 31% in December 2023 to around 27% currently.
Tron ranks as the third-largest blockchain for stablecoin transfers, with $101.57 billion in the past week and $366.5 billion in March. The Solana network has witnessed a surge in decentralized finance (DeFi) activity, boosting its total value locked to $4.55 billion, the highest since April 2022. Solana-based decentralized exchanges (DEXs) have surpassed Ethereum and others in volume, recording a 70% increase to $3.37 billion in the week leading up to March 19.
With 26 DEXs on Solana, Orca dominates with 88% of the total volume. This growth is fueled by rising interest in memecoins like Book of Meme (BOME), Dogwifwhat (WIF), BONK, and Slerf within the Solana ecosystem.
