Solana Surpasses Binance Chain in This Metric: Here’s What to Know

Solana, the high-performance blockchain known for its scalability and speed, has been experiencing significant growth across key metrics recently. This growth spans several important areas of the ecosystem, with impressive surges in transaction fees, stablecoin market cap, and total value locked (TVL).

These developments reflect a strong recovery from previous setbacks, including the fallout from the collapse of FTX in late 2022, signaling that the network is gaining renewed traction in the blockchain space.

Solana Records its Highest Transactions Fees

The Solana network showed rapid growth when transaction fees rose sharply for its users. Solana transaction fees hit a new record of 6,000 SOL tokens during the TRUMP token release in just 10 minutes.

The surge in transaction fees demonstrates network utilization increased despite lower daily transaction volume falling from 450,000 to 150,000.

Higher fees mixed with fewer transactions show how Solana’s network infrastructure is facing more pressure than ever.

Network adoption has pushed up the price users pay for every transaction. A blockchain’s functional performance suffers when users seek more services at elevated fees.

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SOL transaction fees have experienced consistent growth as users actively participate in the network according to Glassnode. High network traffic from TRUMP token events pushes fees to rise at an identifiable peak moment.

SOL Surpasses $9 Billion in Stablecoin Market Cap

The growth of Solana’s blockchain became even more significant as its stablecoin market value jumped past $9 billion.

Solana’s stablecoin market cap grew by 53.98% over the last week while reaching the $9 billion mark. The network experiences strong stablecoin usage growth which mainly stems from USDT and USDC users.

During the last 30 days USDT and USDC stablecoins have registered a 90% increase in their Solana blockchain supply numbers.

USDC leads Solana’s stablecoin market with 76.23% of the entire stablecoin value. USDC leads among stablecoins on Solana Blockchain thanks to new data shown in the below chart.

The rising number of stablecoin transactions on Solana shows how traditional financial assets are becoming more popular within decentralized finance systems.

Solana stable performance positions it advantageously to support the expanding stablecoin value in DeFi applications that let people trade and spend money.

SOL TVL Surpasses $10 Billion for the First Time Since FTX Collapse

The key proof of Solana’s recovery shows in its TVL hitting over $10 billion after falling below it since FTX collapsed.

The amount of user assets invested in smart contracts on blockchain networks forms the basis of its TVL metric. The breakout of SOL TVL above $10 billion shows investors recovering their faith after the impacts from the FTX collapse.

TVL data from DefiLlama shows the SOL network gained significant new assets throughout recent months. Following FTX’s financial disaster Solana’s TVL dropped but rebounded to set new record highs.

The steady growth of SOL’s digital assets demonstrates investors returning to its blockchain and increasing their belief in its capacity to host new DeFi projects and add liquidity.

The steady increase in TVL as Solana returns to normal shows it remains a top blockchain in the industry. Strong growth will boost Solana’s appeal to users developers and investors while increasing network usage and project development.