Solana (SOL) Stablecoin Transaction Growth Spotlighted by Visa

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As an analyst with a background in blockchain technology and experience in tracking market trends, I find Visa’s recent focus on Solana’s growing prominence in the stablecoin market intriguing. The surge in stablecoin transactions on Solana, particularly USDC, has put it at the forefront of other blockchains like Tron, Binance Smart Chain, and Ethereum.

Visa, a worldwide pioneer in payment technology, has recently drawn attention to Solana’s rising influence in the stablecoin sector.

I’ve analyzed the data from Visa Stablecoin Dashboard and found that Solana has experienced a significant increase in stablecoin transactions recently. Among these transactions, USDC (USD Coin) – a stablecoin tied to the value of the U.S. dollar – has seen particularly noteworthy growth.

Solana surpasses other blockchains

According to recent data, Solana’s stablecoin transactions have outpaced those of blockchains such as Tron and Binance Smart Chain (BSC), among others.

As an analyst, I’ve examined the transaction data for stablecoins on various blockchains over the past month. The total number of stablecoin transactions on this blockchain reached an impressive figure of over 69 million. In comparison, Binance Smart Chain recorded a comparatively lower volume of 47.2 million transactions. Unfortunately, Ethereum‘s performance was quite weak in this regard, with only 2.3 million stablecoin transactions transpiring on its network during the same time frame.

The latest Visa dashboard reveal reveals that Solana processes a greater number of stablecoin transactions compared to any other blockchain.

— Mike Dudas (@mdudas) April 26, 2024

As a researcher studying the cryptocurrency market, I’ve observed that larger investors have shown a preference for Solana’s network lately. The selection of a suitable protocol ultimately depends on the unique requirements and tactics of stablecoin users.

Regarding Solana’s future outlook, its upward trend hinges on several factors: the market’s reaction following the halving event, advancements within the project, and the ability of investors to push and maintain elevated price levels.

Solana congestion challenges get major fix

Recently, Solana unveiled a significant solution for network congestion on its mainnet. This update, labeled as v1.17.31, was officially announced by the platform and is now accessible to MainnetBeta validators.

Solana has announced that the upcoming update will specifically resolve its congestion problems. Prior to this release, numerous developers and validator clients had implemented significant upgrades on the testnet as part of a collective initiative aimed at improving network performance overall.

After implementing this solution, several stalled projects have announced their intentions to move forward with releases, aiming to go live once network reliability is assured.

Significantly, the recent update to Solana’s congestion solution caused SOL‘s price to surge by 9.24%, reaching $154.43 over the last week. Although this increase lags behind the overall market rebound, regained normalcy and faith in the successful resolution of traffic issues are expected to fuel long-term growth for the coin.

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2024-04-27 18:55