Solana takes the lead in weekly stablecoin transfer volume

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Solana has flipped Ethereum to become the number one blockchain in weekly stablecoin transfer volume. 

Data from blockchain analytics platform Artemis reveals that Solana’s weekly transfer volume for stablecoins reached $364.7 billion, overtaking the Ethereum network, which reported $152.99 billion. Other top chains like Tron and BNB Chain saw volumes of $101.57 billion and $22.75 billion, respectively​​​.

Stablecoin weekly transfer volumes. Source: Artemis

The figure adds to the total stablecoin transfer volume for March, which currently stands at $804 billion, almost eclipsing the $960 billion in Solana stablecoin transfer volume for February.

Moreover, March’s $804 billion to date is 3,410% more than the $11.56 billion stablecoin transfer volume in March 2023.

Solana currently accounts for 42.3% of stablecoin market share, which is a significant increase from the 1.9% share it held a year ago.

Stablecoin transfer volumes one year. Source: Artemis

Stablecoin activity on Solana started picking up in October 2023 and has steadily increased by 1,770% since then.

Ethereum, which has always been an industry leader for stablecoin transfer volume, has trailed Solana since the beginning of the year. The layer 1 blockchain had a market share of more than 31% in December 2023 but has since lost its dominance to Solana, currently accounting for about 27% of the stablecoin transfer volume.

The third-largest blockchain for stablecoin transfers is Tron, with $ 101.57 billion over the last week and $366.5 billion so far in March.

Related: Base TVL doubles in a month as pundits tip memecoins to drive adoption

In addition to stablecoin volumes, there has been an uptick in decentralized finance (DeFi) activity on Solana, pushing its total value locked to $4.55 billion, its highest level since April 2022, according to data from DefiLlama.

This has also been evidenced by the increased decentralized exchange (DEX) volume, where Solana surpassed Ethereum and other chains on March 19.

Trading in Solana-based DEXs increased by 70% during the week, running up to Mach 19 to $3.37 billion.

DEX Volumes by chain. Source: DefiLlama

Volume on Ethereum-based decentralized exchanges rose a mere 0.63% to $3.05 billion over the same period.

There are 26 DEXs on Solana, according to data from Alchemy. Orca is the largest DEX on Solaba, accounting for 88% of the total volume.

This performance in the Solana network has been fueled by growing interest in memecoins within the ecosystem led by Book of Meme (BOME), Dogwifwhat (WIF), BONK and Slerf.

Solana’s (SOL) price has been in a rally this year, rising over 90% year-to-date to trade at $193 at the time of publication. The smart contracts token is now 35% from its November 2021 all-time high of $260 and remains on track to break this level and enter price discovery.