Stablecoin trading volume on Solana chain reaches historic high of $144 billion
The trading volume of stablecoins on the Solana blockchain has reached a historic high of $144 billion, soaring from about $33 billion to over $144 billion in less than eight weeks, an increase of 336%.
Eugene Chen, co-founder of Ellipsis Labs (a core contributor to the decentralized exchange Phoenix), said that the soaring stablecoin transfer indicator may be correct, but it is not a good indicator of economic activity.
Chen confirmed that most of the $144 billion in transfers last week came from Phoenix, located on Solana. Unlike similar exchanges on other blockchains, Phoenix requires users to deposit assets before placing orders on its market. These deposits are recorded on the blockchain and can easily be mixed up with data that shows actual stablecoin transactions. Therefore, as activity on Phoenix has increased in recent weeks, the volume of stablecoin transfers on Solana has also increased.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin, XRP and Vantard (VTARD) capture investors’ attention with price gains
The Daily: Dogecoin investors drop class-action lawsuit against Elon Musk, Michael Saylor plans $100K bitcoin party and more
Dogecoin investors have dropped their class-action lawsuit against Elon Musk, which accused him of manipulating the price of DOGE during its 2021 surge from less than $0.10 to around $0.70.JPMorgan analysts anticipate positive regulatory changes for crypto under President-elect Donald Trump, with clearer frameworks likely to benefit the industry.President-elect Donald Trump nominated bitcoin advocate Robert F. Kennedy Jr. for U.S. Secretary of Health and Human Services on Thursday.The following article is
Matrixport Included Developments That Will Affect Bitcoin in December in Its Weekly Report! Here Are the Details
Matrixport's latest weekly report highlights a number of positive factors that have underpinned Bitcoin's recent strong performance.
Trump's Inflow Wave Has Ended! Spot Bitcoin and Ethereum ETFs Experience First Outflows Since Election!
It ended a wave of inflows and outflows in spot Bitcoin and Ethereum ETFs that has been ongoing since Donald Trump was elected president on November 5.