December proved to be a monumental month for the crypto industry. By the end of December 30, cumulative on-chain spot trading volumes soared to an astounding $451.5 billion, marking a significant 19% increase from November’s record of $379.5 billion. During this same period, on-chain derivatives trading volumes also surged, reaching $325.3 billion—that’s an increase of $81.3 billion from the previous year and $10 billion more than March.
Solana emerged as a leader in this surge. For the third consecutive month, it secured the title of the most-used blockchain for spot trading, racking up a total volume of nearly $112 billion. Coming in second was Binance Smart Chain (BSC) with $96.2 billion, followed closely by Ethereum, which posted a monthly volume of $86.6 billion.
It’s interesting to note that despite Solana’s impressive showing, $SOL’s trading volume fell by 15.7% month-to-date. However, since it hit an all-time high of $132.3 billion last month for on-spot trading, a dip was somewhat expected.
Adding to its remarkable performance, the Solana network saw stablecoin Total Value Locked (TVL) grow by $1 billion in December, bringing the stablecoin TVL on its network to surpass $5 billion. Of this amount, $4 billion resides in $USDC, while $1 billion is in $USDT. This rise highlights how much trust investors have in the Solana ecosystem, but the looming question remains: can Solana manage this swift expansion?
Two years post its 2022 dip, Solana has worked its way up to stand shoulder to shoulder with Bitcoin and Ethereum. Despite being significantly smaller—holding just one-seventh of Ethereum’s TVL—growing pains have many wondering whether Solana can handle the rising demand.
While time will tell, there are compelling reasons to believe in Solana’s potential:
- Resilience: After facing a tough year in 2022, especially with the FTX collapse that saw $SOL drop to $8, today it boasts a price of over $200. This recovery speaks volumes about its durability.
- Operational Stability: Contrasting its frequent outages in 2022, Solana has achieved a stable operational status throughout 2024.
- Diverse Ecosystem: Solana’s broad range of offerings attracts a variety of investors. Greater variety typically translates to heightened demand. Impressively, Solana has outperformed both Bitcoin and Ethereum in various growth metrics.
- Scalable Solutions: Layer-2 solution Solaxy aims to help manage increasing traffic while maintaining rapid transaction speeds. This innovative approach positions Solana favorably for future challenges.
In an exciting turn, the presale of $SOLX, the native token for Solaxy, launched in December and has already garnered over $7.8 million. Each token is currently priced at $0.001588, with prices set to rise once the presale hits its next milestone. Some experts speculate that $SOLX could be the next 100x coin; however, individuals are encouraged to conduct their own research before investing.
If you’re contemplating investment in $SOLX, right now could be a prime time, as the presale offers a chance to acquire the hottest meme coins at an attractive price point. The energy surrounding Solana is tangible, and there may never be a better moment to consider joining this exhilarating ride.
