Solana Takes the Lead Over Ethereum in Stablecoin and NFT Market

Solana The thriving crypto scene is keeping a close eye on Solana as it achieves significant progress on its rapidly expanding Layer 1 blockchain.

Data from Artemis reveals that Solana processed $103 billion in stablecoin transfers last week, setting a new standard by surpassing all other blockchains. This is the first time Solana has taken the lead over Ethereum in this realm. stablecoin volume.

Ethereum, trailing behind at second place, recorded stablecoin transfers totaling $90.9 billion. Tron with $82.3 billion, and BNB Chain with $14.6 billion. 

Solana also surpassed Ethereum In December's NFT trading volume, Solana facilitated an impressive $366.6 million in trades, edging out Ethereum's $353.2 million. Interestingly, Ethereum’s NFT sales volume exhibited some stability, hovering around the $350 million mark, while Solana experienced an explosive increase from approximately $83 million the previous month.

Solana Surpasses Ethereum in NFT Trading Activity

In December, Solana saw a dramatic rise in unique participants, with nearly double the number of buyers and sellers compared to Ethereum, resulting in a total of roughly 6.6 million NFT transactions. According to CryptoSlam, around 218,000 sellers and 279,000 buyers were active on Solana, while Ethereum reported about 114,000 sellers and over 143,000 buyers, culminating in approximately 698,000 transactions.

The heightened interest in Solana NFTs This phenomenon might be tied to excitement surrounding particular projects. For instance, Tensorians, associated with the Solana marketplace Tensor, achieved $28 million in trades in December, while another project, Mad Lads, amassed $24.5 million in trades.

CryptoSlam noted that the leading NFT project on Ethereum for December was the Bored Ape Yacht Club, with a trading volume of $19.5 million, closely followed by Pudgy Penguins, accumulating around $18.3 million.

Solana’s Price Rise

Notably, Solana Recently, Solana has been on fire, showing exceptional growth in its market performance. The SOL token has skyrocketed over 71% in just a month and has astonishingly quadrupled in value over the past three months. In comparison, Ethereum's growth has been modest, with only a 9% increase over the last 30 days and a 44% rise in the same three-month period.

While the boost in Solana's price likely contributed to the surge in December's NFT sales, it doesn't completely account for the tripling of unique traders and the sixfold increase in overall trading activity. NFT transactions.

These statistics bring closure to a positive and thriving year for Solana. The network's token, SOL, witnessed an extraordinary rally, soaring by 936%, from $9.97 on January 1 to an impressive $103.3 by December 31 as per data from CoinGecko. Solana The optimistic market conditions were underpinned by easing worries about FTX, a significant holder of SOL, potentially liquidating a large portion of their assets throughout the last year, alongside the growing adoption of the network. However, after hitting a 2023 peak of $121.4 in late December, SOL experienced a slight drop of over 4% in the past week.

The recent triumphs in stablecoin and NFT transactions position Solana ahead of Ethereum, promising to maintain its competitive edge into 2024.

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