Solana continues to captivate the crypto community, with the surging Layer 1 blockchain posting several landmark milestones over the past week.<\/p>\n
Data from Artemis shows the value of stablecoin transfers tagged\u00a0$103B<\/a>\u00a0on Solana last week, beating out all other networks.\u00a0According<\/a>\u00a0to Degen News, a popular web3 influencer, the occasion marks the first instance in which Solana has topped the rankings or beaten out Ethereum by stablecoin volume. Ethereum ranked second with $90.9B, followed by Tron with $82.3, and BNB Chain with $14.6B.<\/p>\n According to Qiao Wang, a former researcher for Messari, Solana-based USDC also\u00a0overtook<\/a>\u00a0Tron-based USDT as the single most transacted stablecoin by volume.<\/p>\n Solana also overtook Ethereum by NFT trade volume for December, with the networks hosting $366.6M and $353.2M worth of trades\u00a0respectively<\/a>, according to Degen news. However, data from CryptoSlam shows Solana hosting\u00a0$329.3M<\/a>\u00a0in NFT sales over the past 30 days, roughly 5% less than Ethereum\u2019s\u00a0$345M<\/a>\u00a0in NFT trades for the same period.<\/p>\n <\/p>\n Worldwide\u00a0searches<\/a>\u00a0for \u201cSolana\u201d notably surpassed \u201cEthereum\u201d for the first time in mid-December, according to Google Trends.<\/p>\n The figures cap off a bullish 2023 for Solana. The price of Solana\u2019s network token, SOL, jumped by 936% from $9.97 on Jan. 1 to $103.3 on Dec. 31, according to CoinGecko. The market momentum was propelled by alleviating concerns that FTX, a major SOL investor, may move to liquidate a large share of its holdings during the year, alongside the growing adoption of the network.<\/p>\n However, SOL has dropped over 4% in the past week after ripping to a 2023 of $121.4 in late December.<\/p>\n Solana\u2019s DeFi sector has been on a tear as well, with the network\u2019s total value locked surging 254% from $412M at the start of November to $1.42B today, according to DeFi Llama.<\/p>\n <\/p>\n Start for free<\/a><\/div>\n <\/p>\n Solana-based decentralized also posted their strongest month on record during December with $28B worth of trades, beating out November\u2019s $8B by more than triple. Jupiter, the network\u2019s leading DEX, accounted for\u00a0$17B<\/a>\u00a0of the total. Solana ranked second by monthly DEX volume behind Ethereum\u2019s $42.4B.<\/p>\nSolana outperformed in 2023<\/h2>\n
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