Solana has surpassed Ethereum to claim the top position in weekly stablecoin transfer volume, making it the number one blockchain in this regard.
According to data from blockchain analytics platform, Artemis:
- Solana’s weekly transfer volume for stablecoins surged to $364.7 billion,
- Surpassing Ethereum’s reported volume of $152.99 billion
Additionally, other prominent chains recorded the following volumes:
- Tron at $101.57 billion
- BNB Chain at $22.75 billion
The latest figure contributes to March 2024’s total stablecoin transfer volume, which now stands at $804 billion, nearly approaching the $960 billion recorded for Solana’s stablecoin transfer volume in February 2024.
Furthermore, March 2024’s cumulative volume of $804 billion to date represents a staggering 3,410% increase compared to the $11.56 billion stablecoin transfer volume observed in March 2023.
Solana currently commands a substantial 42.3% share of the stablecoin market, marking a significant surge from the 1.9% share it held just a year ago.
Ethereum, traditionally a frontrunner in stablecoin transfer volume, has been consistently trailing behind Solana since the start of the year [2024]. Despite holding a market share of over 31% in December 2023, Ethereum has relinquished its dominance to Solana, currently representing approximately 27% of the stablecoin transfer volume.
Tron emerges as the third-largest blockchain for stablecoin transfers, recording $101.57 billion in the past week and a total of $366.5 billion thus far in March 2024.
This is the latest milestone for the network which has been on a roll in 2024. According to CoinGecko Research, the Solana network has emerged as the leading blockchain ecosystem of the year [2024] thus far.
REPORT | #Solana Had the Second Largest Ecosystem of Total Monthly Active Developers in 2023 After Ethereum
Over half of the developers entering the ecosystem possess a minimum of three years of experience, contributing to a more seasoned level of input in the development of… pic.twitter.com/OrQB00jP0o
— BitKE (@BitcoinKE) March 23, 2024
The layer 1 blockchain currently captures 49.3% of the global crypto investor interest in chain-specific narratives, as indicated in the report published on March 20 2024.
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