The recent report by the blockchain analytics firm Artemis illustrates that stablecoin transfers executed on Solana realized a record volume that tested above $300 billion in January. The record volume in January surpassed the $297 billion transfer realized in December 2023.
Artemis revealed that the transfer volume realized on stablecoins transactions executed on the Solana layer-1 blockchain has sustained the uptrend to hit a new record this month. The blockchain analytics platform illustrates that it is likely that the stablecoin transfer volume will increase to an unforeseen monthly record.
Solana Blockchain Garners Stablecoin Transfer Steam
Artemis indicates that the January figures dwarf the $297 billion executed in December 2023. The surge in transfer activity leaves $303 billion, translating to 2520% growth from the $11.56 billion worth of stablecoin transferred in January 2023.
The network activity surge leaves Solana’s stablecoin accounting for 32%. Artemis considers such a massive increment from the 1.2% share it commanded 12 months ago.
Artemis considers that stablecoin activity on the Solana blockchain began rising in October 2023. The stablecoin transfer has steadily grown by 650% since October.
Ethereum remains the industry leader, with the stablecoin transfer volume accounting for $317 billion. However, the activity yields a market share above 33%, with Solana rapidly rising.
Tron Trails Solana Blockchain in Stablecoin Transfer Volume
Tron blockchain ranks the third-largest in stablecoin transfers executed this month. Tron blockchain has witnessed $240 billion in transfers. Artemis illustrated in a Tuesday, January 16, brief that weekly stablecoin volumes have already realized a yearly high this month.
Artemis attributes the stablecoin transfer growth to the USD Coin stablecoin (USDC) increased transfer volumes executed on Solana.
On Thursday, January 18, Paxos revealed that the regulated stablecoin USDP had been unveiled on the Solana blockchain. The addition will translate to increased stablecoin transfers in the coming weeks and months.
Artemis illustrates that the past year saw over $1.18 trillion worth of stablecoins transfers executed across all blockchains.
Besides the increase in stablecoin volumes, decentralized finance (DeFi) activity is rising. DeFiLlama data shows that it pushes the total value locked within the Solana blockchain to an all-time high since $1.36 billion in September 2022.
Review of Solana Market Activity
A review of Solana’s activity in the past week shows a sustained retreat witnessed last week. The price declined by 10% in the past 24 hours, leaving Solana to exchange hands at $83.10. Solana has registered a 12.3% decline in the past week and 14.9% in a fortnight. Solana is 19% down in its 30-day run.
The fifth-ranked crypto token by market capitalization has seen its price nosedive by 32.5% from the $123 price realized in December 2023. Solana is underperforming relative to the global crypto market, which slipped 6.30% as per CoinGecko data.
Solana’s realized a daily trading volume of $2.3 billion in the past 24 hours. Such presents a 141% increment in market activity from the figures realized a day earlier.
A review of the market activity shows Solana is 67.56% lower than its all-time high price of $259.96, realized on November 6, 2021.