Solana (SOL) catches up with Ethereum in stablecoin competition

Solana (SOL) , the fourth largest blockchain network in terms of total locked value , stands out with its stablecoin transaction volume rising in recent months. According to blockchain data analysis platform Artemis, stablecoin trading volume on the SOL network reached $300 billion in the first 20 days of January, setting a new record.

According to the data shared by Artemis, the Solana network in stablecoin trading witnessed a transaction volume of 11.56 billion dollars in January 2023. While this figure increased by more than 2,500 percent in one year, the share of the SOL ecosystem in the stablecoin pie increased from 1.2 percent to 32 percent.

It was noteworthy that Solana, which did not have a significant share in stablecoin trade before last October, caught up with the volume leader Ethereum in just four months. The Ethereum network, which has a volume of 317 billion dollars since the beginning of the month, has 33 percent of the total volume in stable cryptocurrencies.