Layer 1 blockchain Solana has seen an uptick in exercise of late, with stablecoin switch volumes in explicit surging to a document monthly excessive.

Files from blockchain analytics platform Artemis exhibits that Solana stablecoin switch quantity for January at the 2d sits at round $316 billion, 2d only to Ethereum’s $328 billion.

Solana’s stablecoin switch quantity has grown by 2,500% since the $11.56 billion recorded in January 2023. The drastic surge in quantity started in early December round the time of the JTO airdrop, after which Solana flipped Ethereum in decentralized switch and NFT day-to-day procuring and selling quantity.

Just some of the causes driving these excessive switch volumes comprise the rising exercise of the USDC stablecoin and Paxos’ regulated stablecoin USDP on the Solana blockchain. The network has also made a comeback within the realm of decentralized finance (DeFi), with the entire label locked (TVL) on Solana rising to $1.37 billion at the time of writing.

Solana now accounts for 32% of all stablecoin quantity, whereas Ethereum accounts for 33%. For context, Solana’s dominance has seen a indispensable jump from a year within the past, when it accounted for accurate 1% of the market.

Meanwhile, though Solana’s native token SOL has posted an impressive 260% succeed in over the closing year, its label has been below stress for the easier segment of a month.

Market contributors have attributed this decline to bankrupt crypto switch FTX, which has been liquidating segment of its $4.2 billion SOL holdings.