Solana: Can high stablecoin volumes be enough for SOL to see green

Solana: Can high stablecoin volumes be enough for SOL to see green

January 27, 2024

By Himalay Patel

Stablecoin volumes on Solana witnessed a surge.

Overall activity on the network continued to decline.

Solana [SOL] has witnessed a massive decline in price over the last few days. Despite the struggles, there were a few areas where the protocol saw growth.

Turning up the volume

One of them was the surge in Solana’s stablecoin volume. The daily transfer volume of the stablecoin USDC on Solana surpassed that of every other blockchain.

The consistent outpacing of daily transfer volume by the stablecoin USDC on the blockchain signals a positive trend.

A high daily transfer volume indicates increased usage and demand for transactions on the Solana network. This heightened activity can contribute to the overall vibrancy and liquidity of Solana’s ecosystem, attracting more users to the network.

The TVL and DEX volumes on the network also grew over the last month. The rise in TVL reflected the total value of assets staked or utilized within the network, underscoring growing interest and confidence in Solana-based projects.