CandleFocus

Solana marks a record daily inflow of new stablecoins

Author: Content Editor
Solana is experiencing a surge in activity and value locked, with stablecoins flowing into the network at peak levels. The supply of stablecoins on Solana has reached levels not seen since the FTX crash in 2022, with the majority of the growth coming from USDC. This influx of stablecoins coincides with Solana's price stabilization and high trading volumes. The launch of USDS on Solana has also contributed to the increase in stablecoin usage. Solana is becoming a more liquid hub for trades, payments, DeFi, and other use cases. In addition to stablecoins, Solana has also seen a significant increase in bridged tokens. The transaction value and number of transactions on Solana have doubled and increased by 50% respectively in the past month. The increased usage of stablecoins and bridged assets on Solana is driven by its role as a decentralized trading platform, as well as its utility in DeFi, lending protocols, and low-cost payments. The Solana ecosystem has attracted significant daily fees and surpassed other top apps in terms of activity. Raydium DEX has become the biggest daily fee producer, while Jupiter and Aerodrome DEX also contribute to stablecoin inflows. Solana carries the majority of meme token activity, surpassing BNB Chain and Base. Despite the need for priority fees and bribes, Solana continues to handle high traffic without outages or problems.

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