Is Solana closing in on Ethereum? The metrics say…

  • Stablecoin volumes on Solana grew significantly over the last six months.
  • Daily activity on the Solana network surged while floor value of Solana NFTs spiked.

Solana [SOL] witnessed a large uptick in interest in its ecosystem over the last few weeks. This has led to a large surge in stablecoin volumes on the network as well.

Volumes on the rise

According to recent data, Solana became the leading blockchain for stablecoin transfers at the time of writing, surpassing other chains in settlement volumes over the last six months.

During this period, Solana recorded $1.7 trillion in transactions, outpacing Ethereum with $1.1 trillion and Tron with $869 billion.

This heightened liquidity within the Solana ecosystem not only facilitates smoother decentralized exchange operations but also attracts decentralized finance (DeFi) projects seeking a platform with robust performance and ample liquidity.

The network’s ability to process a substantial number of stablecoin transactions enhances its overall adoption, as users and developers are drawn to a blockchain that offers efficient and cost-effective financial services.

Moreover, the diverse use cases supported by high stablecoin volumes, including trading, lending, and yield farming, contribute to a dynamic and active Solana ecosystem.

Source: Artemis

Looking at the activity

In terms of daily activity, Solana surpassed Ethereum and was slowly catching up to Tron. However, in terms of TVL (total value locked) on the network, it was seen that Ethereum reigned supreme followed by Tron and Solana.

This showed that despite a surge in activity, Solana has a long way to go before it could go toe to toe with Ethereum in the DeFi sector.

Screenshot 2024 03 12 at 3.43.32 PM

Source: Artemis

NFT metrics

In terms of the NFT sector, it was seen that Solana NFT collections witnessed growth. The overall total floor value of Solana NFTs surged significantly over the last few days.

However, the same level of growth wasn’t observed in terms of sales volume for these collections. This indicated that despite the rising prices of the NFT collections, the number of NFT trades remained low implying that many addresses were choosing to hold their collections instead of trading them.

How much are 1,10,100 SOLs worth today?

Screenshot 2024 03 12 at 3.46.37 PM

Source: Solanafloor

At press time, SOL was trading at $150.93 and its price had grown by 1.75% in the last 24 hours. Coupled with that, the volume at which SOL was being traded at had also grown by 15.23% during the same period.

However, the RSI at which SOL was trading had declined suggesting a slowdown in bullish momentum.

Solana SOL 15.57.58 12 Mar 2024

Source: Santiment

Next: Ethereum: Top reasons why ETH to $5K in 2024 is certain

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