Try Quests to earn SOLStablecoins on SOLANA
đź“ś Background
About SOLANA
Solana is a blockchain platform designed to host decentralized, scalable applications. Founded in 2017, it is an open-source project currently run by Solana Foundation based in Geneva, while the blockchain was built by San Francisco-based Solana Labs.
Solana is much faster in terms of the number of transactions it can process and has significantly lower transaction fees than rival blockchains like Ethereum. The cryptocurrency that runs on the Solana blockchain—also named Solana (SOLUSD) and using the ticker symbol SOL—soared almost 12,000% in 2021 and at one point had a market capitalization of over $66 billion, making it the fifth-largest cryptocurrency by this measure at the time. (Source)
USDC and USDT on SOLANA
Solana USDC launched in January 2021 and already has extensive adoption across leading crypto exchanges such as FTX, DeFi ecosystems such as Serum, Raydium, and Saber and Mango Markets, creator platforms, such as Audius, NFT marketplaces like Metaplex, and several native wallets.
Tether has launched its USDT stablecoin on the Solana blockchain, making it the first stablecoin to be deployed on the high-speed Layer1 blockchain, the firm said in a press release shared with The Chain Bulletin on 11 March.
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Stablecoins on SOLANA
$USDC
$USDT
In these charts, you can see the market cap share of Stablecoins on Solana and their volume.
USDC is the highest, with 33 billion and 80%.
USDT is the second and its market cap is approximately 7.9 billion.
The total USDC inflow to the Solana network is 74.6 B, and the total outflow is 41.5 B.
In the left chart, you can see the weekly changes in the inflow and outflow of USDC, which shows the green color of the inflow values and the purple color of the outflow values.
during the first week of November, you can see an increase in the inflow and outflow values compared to the previous weeks.
The market cap of USDC on Solana is increasing with a slightly increasing slope. (we can say the market cap is almost constant)
In another chart, you can see the USDC market cap changes on a weekly basis.
The total USDT inflow to the Solana network is 20.38 B, and the total outflow is 12.45 B.
In the left chart, you can see the weekly changes in the inflow and outflow of USDT, which shows the green color of the inflow values and the purple color of the outflow values.
during the second week of November, you can see an increase in the inflow and outflow values compared to the previous weeks. during this week market cap decreased by about 70M.
The market cap of USDT on Solana is almost constant.
In another chart, you can see the USDT market cap changes on a weekly basis.
According to these two graphs, 15.9 billion dollars of USDC were sent from Solana to FTX hot wallet. These values include 38.4% of the outgoing USDC. You can see other destinations in the chart.
You can also see the weekly changes in the USDC output values sent to the top places in the two graphs below.
Most of the output values were sent to FTX hot wallet before the FTX crash. But in the past weeks, as the color of the graphs show beautifully, the sending of USDCs from Solana to Binance Hot Wallet and Coinbase deposit wallet increased.
According to these two graphs, 4.3 billion dollars of USDT were sent from Solana to Binance hot wallet. These values include 35.1% of the outgoing USDT. You can see other destinations in the chart.
You can also see the weekly changes in the USDT output values sent to the top destinations in the two graphs below.
Most of the output values were sent to Binance hot wallet and FTX hot wallet before the FTX crash. But in the past weeks, as the color of the graphs show beautifully, the sending of USDTs from Solana to Binance Hot Wallet increased and FTX reached to zero.
đź‘€ Findings
According to the market cap share of Stablecoins on Solana and their volume:
- USDC is the first, with 33 billion and 80%.
- USDT is the second and its market cap is approximately 7.9 billion.
Most of the output values of USDC and USDT were sent to FTX hot wallet before the FTX crash.
Now, After the crash, it seems the sending of USDT and USDC from Solana to Binance Hot Wallet increased. which means Binance takes the place of FTX (as a destination for Solanas’ stable coins).