Solana
Solana (SOL) Stablecoin Transaction Growth Highlighted by Visa
Godfrey Benjamin
Solana (SOL) stablecoin dominance teased despite network congestion
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Visa, a global leader in payments technology, recently highlighted the growing importance of Solana (SOL) in the stablecoin market.
According to Visa Stablecoin DashboardSolana has witnessed an increase in stablecoin transactions, particularly USDC (USD Coin), a stablecoin pegged to the US dollar.
Solana outperforms other blockchains
According to reports, Solana stablecoin transactions exceeds other blockchains like Tron, Binance Smart Chain (BSC) and others.
Total blockchain stablecoin transactions exceed 69 million over the last 30 days. Compared to its closest rival, Binance Smart Chain recorded a total of 47.2 million transactions. Ethereum is faring even worse as stable transactions only amounted to 2.3 million over the last 30 days.
It appears that large investors are currently favoring Solana’s network, as the choice of protocol depends on the specific needs and strategies of stablecoin users.
Looking to Solana’s future, continued upside will depend on market sentiment post-halving, project developments, and the ability of buyers to generate and sustain higher prices.
Solana’s Congestion Problems Receive Major Solution
Very recently, Solana announced the release of a major correction of traffic jams on its main network. According to the platform, a new upgrade dubbed v1.17.31 has been released and is available for MainnetBeta validators.
Solana confirmed that the new upgrade will directly address its congestion issues. Prior to this release, many developers and validator clients had released major updates to the testnet as a concerted effort was invested to help resolve network issues at all levels.
With this fix, many discontinued projects have expressed their intention to proceed with launch, with the intention of going live as network stability is now guaranteed.
Notably, the new version of Solana’s congestion fix caused the price of SOL to surge 9.24% to $154.43 over the past week. Although this growth lags a broader market recovery, the return to normalcy and the confidence that congestion issues will come with should help drive the coin’s growth in the long term.
About the Author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was born when, as a former banker, he discovered the clear advantages of decentralized money over traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been featured on Blockchain.news, Cryptonews, and Coingape, among others.