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 biggest chain for stablecoin settlements, outperforming its opponents comprehensively.

Solana for stablecoins

In response to 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 establish the extent of the turnaround, Solana’s stablecoin quantity within the first three months of 2024 was 3.8x increased than the whole 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 once a 12 months in the past.

These set of developments have been fairly not like the bear market, throughout which Ethereum and Tron [TRX] cornered greater than 80% of the whole 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 a giant 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 whole provide, in accordance with AMBCrypto’s examination of DeFiLlama information.

In truth, USDC volumes on Solana have been the first drivers in boosting total stablecoin switch volumes in 2024.

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

Supply: Artemis

How a lot are 1,10,100 SOLs worth today?

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

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