In response to the newest on-chain information, the Layer-1 community Solana has hit a significant milestone by way of the switch quantity of stablecoins this month.
Solana Overtakes Tron In Stablecoin Switch Quantity
Data from the blockchain analytics platform Artemis exhibits that the stablecoin switch quantity on Solana has already surpassed $300 billion in January. That is the most important switch quantity recorded by stablecoins on the Layer-1 blockchain in a single month.
To place this determine into context, the Solana community registered $297 billion in stablecoin quantity in your entire December. In the meantime, the blockchain’s stablecoin switch quantity was about $11.56 billion in January 2023, reflecting an over 2,500% development up to now yr.
Stablecoin switch quantity throughout numerous blockchains up to now yr | Supply: Artemis
From the chart above, it’s clear that Solana’s stablecoin exercise has been on a gradual rise since October, growing by greater than 650% up to now few months. This development has additionally impacted the community’s share within the stablecoin market, with Solana now boasting about 32% market share.
Unsurprisingly, Ethereum leads the marketplace for stablecoins, with its switch quantity already reaching nearly $317 billion in January. In the meantime, the Tron community trails Solana in third place, with a stablecoin quantity of roughly $240 billion.
On Thursday, January 18, Paxos revealed the launch of its regulated stablecoin, USDP, on the Solana community. In response to DefiLlama information, USDC stays the dominant stablecoin on the Layer-1 community, with a market cap of over $1 billion.
Paxos is thrilled to share our regulated stablecoin USDP is now stay on the @solana blockchain! This integration makes it simpler for anybody to entry and use the most secure, most dependable stablecoins available in the market. Be taught extra right here: https://t.co/0j4Kj0yyPk pic.twitter.com/1doexKvVmY
— Paxos (@Paxos) January 18, 2024
SOL Value Overview
Regardless of Solana’s burgeoning community exercise, the value efficiency of its native token SOL has considerably dampened up to now few weeks. As of this writing, the Solana token is valued at $92, reflecting a 0.6% decline within the final 24 hours.
This sluggish efficiency up to now day underscores the altcoin’s challenges for the reason that flip of the yr. After reaching a multi-month excessive of $124 on the finish of 2023, the SOL price has largely struggled to carry above the $100 mark.
In response to information from CoinGecko, the Solana token is down by greater than 5% up to now week. In the meantime, the coin has declined by about double that determine for the reason that starting of 2024.
Nonetheless, SOL maintains its place because the fifth-largest cryptocurrency within the sector, with a market capitalization of greater than $40 billion.
Solana value faces downward strain on the each day timeframe | Supply: SOLUSDT chart on TradingView
Featured picture from Dreamstime/Aivaras Sakurovas, chart from TradingView