Solana ‘beats’ Ethereum – Did USDC have a say here?

• Solana recorded the best stablecoin volumes for 3 months in a row.
• Solana’s rise was linked with the expansion of USDC.

Solana [SOL] has solidified its place as the most important chain for stablecoin settlements, outperforming its opponents comprehensively.

Solana for stablecoins

In accordance with AMBCrypto’s evaluation of Artemis information, the community dealt with greater than $310 billion in stablecoin volumes over the week, greater than double that of historically-dominant Ethereum [ETH].

The weekly surge was a part of a broader market seize in 2024, which has seen Solana dominate the rankings for 3 months in a row.

To determine the extent of the turnaround, Solana’s stablecoin quantity within the first three months of 2024 was 3.8x increased than the overall quantity recorded in the entire of 2023.

Supply: Artemis

As of the twenty third of March, each day stablecoin quantity on the sensible contracts community was 60 instances greater than what it was a 12 months in the past.

These set of developments had been fairly in contrast to the bear market, throughout which Ethereum and Tron [TRX] cornered greater than 80% of the overall stablecoin settlement market.

Apparently, Tron’s stablecoin volumes largely remained the identical within the final three months. It was evident that Solana’s rise was constructed on scooping an enormous slice of Ethereum’s market.

Solana’s rise linked to USDC’s resurgence

USD Coin [USDC] was the dominant stablecoin on Solana, accounting for nearly 71% of the overall provide, in keeping with AMBCrypto’s examination of DeFiLlama information.

In actual fact, USDC volumes on Solana had been the first drivers in boosting general stablecoin switch volumes in 2024.

Knowledge from Artemis confirmed USDC overtaking the world’s largest stablecoin — Tether [USDT] — to turn out to be essentially the most traded stablecoin in 2024.

Supply: Artemis

How a lot are 1,10,100 SOLs value immediately?

In the meantime, the chain’s native token SOL failed to interrupt above $175 within the final 24 hours of buying and selling, in keeping with CoinMarketCap.

The fifth-largest cryptocurrency broke previous $200 within the final week on meme coin frenzy, however retraced sharply as merchants booked income.