Solana has outperformed Ethereum in terms of stablecoin transactions over a week, marking a significant milestone for the blockchain. Solana’s stablecoin transactions reached an impressive $100 billion, surpassing Ethereum by a margin of $13 billion, as reported by Artemix.xyz.
Solana, once considered a potential rival to Ethereum, has seen a surge in activity on its network. This includes a growing trend in inscriptions and the rise of memecoins, where traders have transformed minimal investments into substantial earnings. Additionally, Solana’s ecosystem has been bolstered by popular airdrops like Jito, drawing numerous users to its platform.
The burgeoning interest in Solana has positively influenced its native cryptocurrency, SOL. Following the turmoil caused by Terra’s downfall in 2022, SOL has made a remarkable recovery, achieving a 1,000% increase in value within the past year. At the time of reporting, SOL’s value had climbed above $110.
This resurgence in Solana’s value coincided with increased on-chain activity, as highlighted by crypto news. Solana’s decentralized exchanges (DEX) witnessed over $28 billion in transaction volume in December. The network also achieved record-breaking numbers of monthly active addresses, and its market capitalization soared beyond $50 billion.
These developments have propelled SOL to overtake Ripple’s XRP, positioning it as the fifth-largest cryptocurrency by market cap. Currently, Solana is close behind Binance’s BNB coin, even surpassing it in 24-hour trading volume, according to Coingecko.
Looking ahead, Solana’s ecosystem appears poised for further growth, with additional token airdrops on the horizon. Notably, Jupiter, an emerging DEX on the Solana blockchain, is set to launch its own digital currency in January.
