Summary
Solana has achieved several milestones in the past week, including surpassing Ethereum in stablecoin volume and NFT trade volume. Data from Artemis shows that Solana had stablecoin transfers worth $103 billion, beating all other networks. Solana-based USDC also overtook Tron-based USDT as the most transacted stablecoin by volume. In terms of NFT trade volume, Solana hosted $366.6 million worth of trades in December, surpassing Ethereum’s $353.2 million. Solana also saw an increase in worldwide searches, surpassing Ethereum in mid-December. The price of Solana’s network token, SOL, increased by 936% in 2023. Solana’s DeFi sector has also been performing well, with the total value locked increasing by 254% from November to $1.42 billion. Solana-based decentralized exchanges had their strongest month in December, with $28 billion worth of trades. The community is eagerly awaiting the launch of the open-source validator client, Firedancer, in the second half of 2024.
Key Points
1. Solana surpassed Ethereum in stablecoin transfers and NFT trade volume: Solana recorded $103B worth of stablecoin transfers, beating out all other networks including Ethereum. It also overtook Ethereum in NFT trade volume for December, hosting $366.6M worth of trades compared to Ethereum’s $353.2M.
2. Solana-based USDC became the most transacted stablecoin by volume: Solana-based USDC surpassed Tron-based USDT as the single most transacted stablecoin by volume, according to Qiao Wang, a former researcher for Messari.
3. Solana’s bullish performance in 2023: Solana’s network token, SOL, experienced a significant price jump of 936% throughout 2023, going from $9.97 to $103.3. This growth was driven by the alleviation of concerns regarding FTX’s potential liquidation and the increasing adoption of the Solana network.