🔥 Solana becomes the leader for stablecoin inflows as DeFi, DEX trading accelerates
Solana (SOL) is attracting more stablecoins in the past day, as liquidity shifts to the most promising markets. A shift to DeFi lending and DEX activities is driving the trend.
Solana (#SOL ) is setting out as one of the most active chains for 2024. Solana saw increased stablecoin inflows in the last days of the year, surpassing all other chains. Based on data by Lookonchain, Solana attracted more than $454M in stablecoin inflows in the past week. Methods for tracking inflows differ, but the overall trend is for more active bridging of stablecoins into Solana’s apps and lending pools.
Solana also surpassed Base despite the recent rush to AI agent tokens. Stablecoin flows can shift depending on the available earnings potential of various chains. Arbitrum, formerly one of the key L2 chains, saw the biggest stablecoin outflows.
Despite the L2 narrative, not all chains managed to attract value in the year to date. Former DeFi star ZKSync Era saw an outflow of more than $2B net, along with Linea, Blast, and Avalanche.
On a year-to-date basis, stablecoins have boosted Optimism, Base, Solana, Arbitrum, and SUI. Ethereum remained the most active chain in hosting USDT, adding to the available liquidity. Overall, stablecoins crossed the $200B barrier, driven by Tether, in addition to new mints for DAI, USDS, and Ethena’s USDe.
🔸 Ethereum remains a stablecoin donor, traffic shifted to Solana and Base
Stablecoin flows shift in the short term, and Solana achieved its leading position as of December 30. The chain saw $8.8M in netflows for the day, followed by SUI’s $2.9M in netflows. Solana competes with Base for fund inflows, though it has only made second place for the past three months.
In the year to date, Base remains the most significant target for stablecoin inflows. For 2024, the chain attracted $7.8B in inflows, with $3.5B retained as net inflows.