Rampant bot activity has pumped daily USDC volume on a single Solana DEX past the entire stablecoin volume on Ethereum. So what’s going on?
Rampant bot activity on DeFi platforms has pumped up the on-chain transaction volume of Solana-based stablecoins past $1 trillion in the first two months of this year alone.
As of Feb. 22, Solanas monthly stablecoin turnover has reached $643 billion, surpassing Januarys volume of $531.32 billion, according to data from crypto analytics platform Artemis.
Most of Solanas transactions occur on its decentralized exchanges (DEXs), most notably on Phoenix, which has caught the attention of media outlets, data providers, and social media influencers.
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Source: https://cointelegraph.com/magazine/defi-bots-pumping-solana-stablecoin-volume/