December was a great month for the crypto industry as a whole. As of December 30, cumulative on-chain spot trading volumes reached a record $451.5B—a 19% jump from November (which previously held the record at $379.5B).
During the same period, on-chain derivatives trading volumes reached a record $325.3B, a $81.3B increase from last year and a $10B increase from March.
Solana Beats BSC and Ethereum
Solana led this growth. For the third consecutive month, it held the position for the most-used blockchain for spot trading, with a total volume of nearly $112B. Binance Smart Chain (BSC) came second with a volume of $96.2B, and Ethereum came third with a monthly volume of $86.6B.
It’s worth noting that although Solana ecosystem outperformed BSC and Ethereum, $SOL’s trading volume fell by 15.7% month-to-date. However, last month it hit $132.3B, an all-time high for on-spot trading. Hence, a dip was to be expected.
Alongside its exceptional performance in on-spot trading, the Solana network added $1B worth of stablecoins to its Total Value Locked (TVL) in December. This brings the TVL of stablecoins on its network to $5B. Out of this, $4B is in $USDC, and the remaining $1B is in $USDT.
The growing value of stablecoins on Solana shows the trust investors have in this network. But the real question is—can Solana handle such rapid growth?
Can Solana Handle the Growing Demand?
Two years after its 2022 dip, Solana stands neck-and-neck with Bitcoin and Ethereum. Yet, it’s still a relatively small network with just 1/7th of Ethereum’s TVL. Naturally, concerns arise about its capability to handle the demand.
It’s early to judge for sure. Still, here are some reasons why we think Solana will continue to thrive:
- Solana is no stranger to setbacks. 2022 was one of the darkest years in its journey, given the FTX collapse and $SOL’s value plummeting to just $8. Now, however, it’s priced at over $200. This is all the proof we need of its resilience.
- Solana had no major outages in 2024. In 2022, major outages were happening every month.
- It has a diverse ecosystem which attracts different types of investors. The more the variety, the more the demand. Solana has, in fact, already outperformed both Bitcoin and Ethereum in many areas of growth.
On top of that, Layer-2 solution Solaxy aims to help Solana handle the growing traffic without hampering transaction speed. It’s fair to say that Solana is very much ahead of the curve and is equipped to handle whatever comes its way.
Solaxy Raises $7.8M, Promises to Solve Solana’s Limitations
Presale of $SOLX, Solaxy’s native currency, kicked off in December and already surpassed $7.8M. The token is currently priced at $0.001588, but the price will increase once the presale hits the next milestone (which won’t take long given the current pace).
Some experts even predict $SOLX to be the next 100x coin, but we always recommend to do your due diligence.
While we don’t give financial advice, if you are thinking about investing in $SOLX, there can hardly be a better time. Presale is a prime opportunity to grab the best meme coins for the lowest possible price.
