In an unprecedented surge, Solana (SOL) has shattered all previous records, reporting a staggering $300 billion in stablecoin transfer volume this month, according to data from Artemis Terminal. The remarkable achievement marks a phenomenal 2,595% year-over-year increase from January 2023 when the figure stood at a modest $11.56 billion.
Solana's resurgence has been nothing short of a crypto renaissance, especially considering its tumultuous past. Following the collapse of the notorious FTX exchange, which had strong ties to Solana, the blockchain platform faced a bleak outlook. The price of SOL plummeted to $8, and developer activity reached unprecedented lows. However, the beginning of 2024 tells a different story — SOL is currently valued at $93, even after a recent 25% correction.
Artemis Terminal's survey unveils Solana's remarkable climb to second place in on-chain transfer volume, trailing only behind Ethereum with a margin of just $10 billion. This meteoric rise has displaced Tron (TRC) from its former standing, relegating it to third place with a total transfer volume equivalent to $250 billion.
Solana's newfound dominance is not merely confined to its on-chain transfer volume. The blockchain is smashing records across the board, showcasing a robust and resilient ecosystem that has captivated investors and developers alike.
As the crypto community witnesses Solana's unprecedented achievements, it raises the question — is Solana capable of surpassing Ethereum in the near future?
Arman Shirinyan
Alex Dovbnya
