Blockchain

33% surge in weekly stablecoin volume across 9 blockchains, Artemis reports

Stablecoin switch volumes rose 33% throughout 9 totally different blockchains within the final seven days, according to on-chain knowledge aggregator Artemis. Regardless of a 0.2% weekly fall in complete provide, the variety of transfers surpassed 10 billion throughout this era, with a 1.4 billion every day common.

Ethereum leads the pack with a registered weekly switch quantity of virtually $24 billion, representing a 35% leap throughout this era, by way of 285,000 transfers. Solana takes second place with a stablecoin switch quantity near $22 billion in the identical interval, an enormous 78% leap, and nearly 5 million transfers.

One key distinction between each blockchains might be seen within the common switch worth. Whereas the Ethereum stablecoin’s common switch worth is increased than $83,000, Solana registers a considerably smaller common of $4,500.

Of all 9 blockchains tracked by Artemis, solely BNB Chain, Avalanche, and Base registered falling stablecoin switch volumes. Nevertheless, the variety of transfers rose in all three of them prior to now seven days.

33% surge in weekly stablecoin volume across 9 blockchains, Artemis reports
Artemis’ stablecoin dashboard. Picture: Artemis

Arbitrum dominates the L2 panorama

Artemis’ stablecoin exercise dashboard additionally factors to the dominance of Arbitrum over the opposite Ethereum layer-2 blockchains. Polygon and Optimism switch volumes mixed quantity to only half of Arbitrum’s final week.

This dominance is a recurring pattern, and the hole stretches if the final 30 days are taken under consideration. Arbitrum’s stablecoin market exhibits a month-to-month $42.8 billion switch quantity, which is 160% bigger than Polygon’s $16.4 billion. The distinction is much more vital when Optimism’s $8.5 billion stablecoin switch quantity comes into the image, falling wanting Arbitrum by 400%.

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Base, the layer-2 blockchain created by crypto alternate Coinbase, amassed $3.2 billion in month-to-month stablecoin switch quantity. Though the quantity is 13 occasions decrease than Arbitrum’s stablecoin switch quantity throughout the identical interval, that is vital for a sequence with lower than six months since its mainnet launch.

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