According to data from the blockchain analytics platform Artemis, Solana has flipped Ethereum to claim the top spot in weekly stablecoin transfer volume. The numbers reveal that Solana recorded a weekly transfer volume for stablecoins amounting to $364.7 billion, surpassing Ethereum’s reported volume of $152.99 billion. Other notable blockchain networks like Tron and BNB Chain saw volumes of $101.57 billion and $22.75 billion, respectively.
This achievement adds to Solana’s total stablecoin transfer volume for March, which currently stands at $804 billion, nearly matching the $960 billion recorded in February for Solana alone.
Furthermore, March’s stablecoin transfer volume of $804 billion marks a staggering 3,410% increase compared to March 2023’s volume of $11.56 billion.
Solana has significantly increased its share of the stablecoin market, currently accounting for 42.3%, a substantial rise from the 1.9% share it held just a year ago.
The surge in stablecoin activity on Solana began in October 2023 and has steadily climbed by 1,770% since then.
While Ethereum has historically dominated the stablecoin transfer volume, it has trailed behind Solana since the beginning of the year. Ethereum’s market share has decreased from over 31% in December 2023 to around 27% currently.
Tron emerges as the third-largest blockchain for stablecoin transfers, recording $101.57 billion in the past week and $366.5 billion so far in March.
In addition to stablecoin volumes, Solana has experienced a surge in decentralised finance (DeFi) activity, pushing its total value locked to $4.55 billion, the highest level since April 2022, according to DefiLlama data.
This uptick in DeFi activity is reflected in decentralised exchange (DEX) volumes, where Solana surpassed Ethereum and other chains on March 19. Solana-based DEX trading increased by 70% during the week leading up to March 19, reaching $3.37 billion.
Meanwhile, volume on Ethereum-based DEXs saw a marginal 0.63% increase to $3.05 billion over the same period.
Solana boasts 26 DEXs, with Orca being the largest, accounting for 88% of the total volume.
This surge in Solana’s network performance is driven by growing interest in memecoins within the ecosystem, led by projects like Book of Meme (BOME), Dogwifwhat (WIF), BONK, and Slerf.
Solana’s price has seen a remarkable rally this year, increasing over 90% year-to-date to trade at $193 at the time of publication. With the smart contracts token now 35% away from its November 2021 all-time high of $260, it appears poised to surpass this level and enter price discovery.