Solana Surpasses Ethereum in Weekly Stablecoin Transactions

Stablecoins | Jan 3, 2024

Image: Artemis Terminal, Stablecoin Volume by Chain

FYI: Solana has recently flipped Ethereum in two significant areas

According to Artemis Terminal, Solana-based USDC was the most transacted stablecoin for the week Dec 19-24, 2023, with a staggering $103 billion in transfers. This milestone marks the first time Solana has surpassed Ethereum in stablecoin volume, with Ethereum following at $90.9 billion. Tron and BNB Chain trail behind with $82.3 billion and $14.6 billion, respectively.

See: UK’s Future Crypto and Stablecoin Regulation

Notably, Solana-based USDC has also eclipsed Tron-based USDT in terms of transaction volume. This surge was (potentially) fueled by alleviating concerns regarding FTX's potential liquidation of its SOL holdings and the growing adoption of the network.

BREAKING: @solana FLIPS @ethereum IN 7-DAY STABLECOIN TRANSFER VOLUME FOR THE FIRST TIME IN HISTORY - BREAKS $100 BILLION pic.twitter.com/oEcwSLZuBX

— DEGEN NEWS 🗞️ (@DegenerateNews) January 2, 2024

Google Search Traffic - The Defiant also reports a notable shift in Google search trends. For the first time, worldwide searches for "Solana" have surpassed those for "Ethereum." This shift in public interest is a testament to the growing curiosity and engagement with Solana's ecosystem.

Outlook

Solana's robust performance in 2023, coupled with its increasing adoption and public interest, positions it as a formidable player in the blockchain space and one to watch.

Go Deeper: Be Careful of Solana Wallet Drainer Activities!

The article from Cointelegraph discusses the rise in Solana wallet drainer activities, coinciding with the increasing value of SOL, Solana's native cryptocurrency. These drainers target SOL holders and those holding Solana-based memecoins, making them attractive targets for phishing scams. A significant online community, dedicated to a popular Solana wallet drainer kit, has amassed over 6,000 members, as reported by Chainalysis, a blockchain security firm.

There is a growing concern among blockchain security firms about the rise in malicious decentralized applications (dApps) targeting Solana users. Brian Carter, a senior intelligence analyst at Chainalysis, notes that the most successful draining kits are versatile, targeting various assets using different methods. He also points out the Russian origins of many of these drainer kits. To combat these threats, tools like Wallet Guard and Kerberus have implemented protections specifically for Solana drainers. Phishing, often through malicious links, remains a common attack vector.

See: Crypto Crime Falls But Ransomware Persists: 2023 Mid-Year Update

Cybercriminals have been offering Solana drainer kits to scammers since December, with prices as low as $250 per month. These kits facilitate cyber theft by draining funds from digital wallets through phishing scams. The exact amount stolen by Solana drainers is currently unclear, but the approach is similar to that used by Ethereum Virtual Machine (EVM) drainers, where the provider takes a cut of the stolen assets. The resurgence in Solana's price has led to a renewed focus by cybercriminals on targeting individuals in the Solana ecosystem. The price of SOL has surged by more than 400% over the past three months.

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