Solana continues to captivate the crypto neighborhood, with the surging Layer 1 blockchain posting a number of landmark milestones over the previous week.
Information from Artemis reveals the worth of stablecoin transfers tagged $103B on Solana final week, beating out all different networks. In accordance to Degen Information, a preferred web3 influencer, the event marks the primary occasion during which Solana has topped the rankings or overwhelmed out Ethereum by stablecoin quantity. Ethereum ranked second with $90.9B, adopted by Tron with $82.3, and BNB Chain with $14.6B.
In line with Qiao Wang, a former researcher for Messari, Solana-based USDC additionally overtook Tron-based USDT as the one most transacted stablecoin by quantity.
Solana additionally overtook Ethereum by NFT commerce quantity for December, with the networks internet hosting $366.6M and $353.2M price of trades respectively, based on Degen information. Nevertheless, information from CryptoSlam reveals Solana internet hosting $329.3M in NFT gross sales over the previous 30 days, roughly 5% lower than Ethereum’s $345M in NFT trades for a similar interval.
Worldwide searches for “Solana” notably surpassed “Ethereum” for the primary time in mid-December, based on Google Developments.
Solana outperformed in 2023
The figures cap off a bullish 2023 for Solana. The value of Solana’s community token, SOL, jumped by 936% from $9.97 on Jan. 1 to $103.3 on Dec. 31, based on CoinGecko. The market momentum was propelled by assuaging considerations that FTX, a significant SOL investor, might transfer to liquidate a big share of its holdings in the course of the yr, alongside the rising adoption of the community.
Nevertheless, SOL has dropped over 4% previously week after ripping to a 2023 of $121.4 in late December.
Solana’s DeFi sector has been on a tear as properly, with the community’s complete worth locked surging 254% from $412M firstly of November to $1.42B as we speak, based on DeFi Llama.
Solana-based decentralized additionally posted their strongest month on file throughout December with $28B price of trades, beating out November’s $8B by greater than triple. Jupiter, the community’s main DEX, accounted for $17B of the whole. Solana ranked second by month-to-month DEX quantity behind Ethereum’s $42.4B.
Wanting ahead, Solana’s neighborhood is bullishly awaiting the launch of its forthcoming open-source validator shopper, Firedancer. Soar Crypto, a web3 growth and funding agency, is constructing the shopper to bolster Solana’s decentralization and deal with a possible single level of failure for the community. Firedancer is predicted to go stay by the second half of 2024.
