Blockchain users transacted $100 billion worth of stablecoin volume on Solana for the first time.
Once hailed as the so-called “ethereum killer,” Solana has invested crypto’s largest altcoin blockchain in stablecoin transaction value for seven days. The volume difference between Solana and ethereum was more than $13 billion, according to Artemix.xyz.
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This milestone for Solana (SOL) followed a flurry of activity on its blockchain ranging from a sign-up craze to memecoin mania, in which some traders turned a few dollars into six-figure hauls. Airdrops like Jito also attracted thousands of users to the SOL blockchain.
Interest in Solana directly affected SOL as the cryptocurrency returned to prices not seen since Terra's collapse in 2022. SOL gained 1,000% last year and the digital asset was trading above $110 at the time of writing .
As interest and significant price appreciation ensued, on-chain trading followed suit, as crypto.news reported. Decentralized exchanges (DEXs) on Solana recorded over $28 billion in volume during December alone. The blockchain also set new highs for monthly active addresses, with SOL's market capitalization surpassing $50 billion.
This surge allowed SOL to overtake Ripple's XRP token as the fifth-largest cryptocurrency on the market. At the time of publication, Solana was hot on the heels of Binance's BNB coin and even boasted higher 24-hour trading volume by Coingecko.
With upcoming token airdrops, more rewards may be on the way for SOL participants. Jupiter, a rising DEX on Solana, is scheduled to launch its native digital currency in January.
<img loading="lazy" decoding="async" width="1024" height="629" src="https://crypto.news/app/uploads/2024/01/Screenshot-143-1-1024×629.png” alt=”Solana invests ethereum in 7-day stablecoin volume – 1″/>
