Solana, the second largest blockchain by Total Value Locked (TVL), is exhibiting exponential growth in its ecosystem, fueled by the rapid increase in the market value of stablecoins.
Data from the decentralized finance (DeFi) analytics platform DefiLlama indicates that at the time of writing, the market capitalization of stablecoins on the network has reached $10.7 billion.
The previous highest combined value of all stablecoins on Solana was approximately $6.259 billion, achieved in June 2022.
From December 2022 to January 2024, this figure remained below $2 billion, while its largest competitor, Ethereum, maintained figures around $101 billion.
During this period, Justin Sun's Tron also experienced growth in market capitalization for its stablecoins, rising from $31 billion in June 2022 to nearly $50 billion at the beginning of 2024.
Although these two networks continue to dominate, Solana's recent surge is impressive. Over the past seven days, the value of Ethereum and Tron stablecoins has increased by just over 1%.
Meanwhile, Anatoly Yakovenko's platform has soared by 77.45%, surpassing the $10 billion mark and setting a new record.