Solana On-Chain Activity Skyrockets As Transfer Volume Hits Record-Breaking Heights
Solana's on-chain activity has been skyrocketing, with its transfer volume breaking records. The stablecoin transfer volume on the Solana blockchain has hit an all-time high of $300 billion in a single month . This surge in activity can be attributed to Solana's growing decentralized finance (DeFi) ecosystem, which has seen its total value locked (TVL) reach a two-year high of almost $4 billion .
The network's low transaction fees and fast processing times have made it an attractive option for users. As a result, Solana's decentralized exchange (DEX) activity has hit an all-time high, with DEX volumes and network transactions increasing substantially .
Solana's strong on-chain activity has also led to a surge in its price, with SOL recently breaking past $120 for the first time since May 2022 . With its development activity increasing by 11% , Solana's long-term sentiment looks strong, and some analysts even predict a potential surge of 450% in the current crypto bull cycle .
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