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.
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