December was a great month for the crypto industry as a whole. As of December 30, cumulative on-chain spot trading volume reached a record $451.5 billion—a 19% increase from November (which previously held the record at $379.5 billion).
During the same period, on-chain derivatives trading volume reached a record $325.3 billion, up $81.3 billion from a year ago and up $10 billion from March.
Solana beats Binance Smart Chain and Ethereum
Solana led this growth. It held the position of the most used blockchain for spot trading for the third month in a row with a total volume of almost $112 billion. Binance Smart Chain (BSC) was in second place with a volume of $96.2 billion and Ethereum was in third place with a monthly volume of $86.6 billion.
It is worth noting that while the Solana ecosystem outperformed BSC and Ethereum, $SOL trading volume fell by 15.7% month-to-date. However, last month it reached $132.3 billion, an all-time high for on-site trading. A decline was therefore to be expected.
In addition to its exceptional performance in on-site trading, the Solana network added $1 billion worth of stablecoins to its total value locked (TVL) in December. This brings the TVL of stablecoins on its network to $5 billion. Of this, USDC accounts for $4 billion and USDT accounts for the remaining $1 billion.
The growing value of stablecoins on Solana shows investor confidence in this network. But the real question is—Can Solana handle such rapid growth?
Can Solana Handle Growing Demand?
Two years after the 2022 plunge, Solana is on par with Bitcoin and Ethereum. However, it is still a relatively small network with only one-seventh the TVL of Ethereum. Of course, there are concerns about its ability to handle demand.
It is still too early to make a firm judgement. Still, here are some reasons why we believe Solana will continue to thrive:
- Solana is no stranger to setbacks. 2022 was one of the darkest years on this journey, given the collapse of FTX and the value of $SOL plummeting to just $8. However, the price is now over $200. This is the evidence we need of its resilience.
- Solana did not experience any major outages in 2024. Major outages occurred every month in 2022.
- It has a diverse ecosystem that attracts different types of investors. The greater the variety, the greater the demand. In fact, Solana has already outperformed both Bitcoin and Ethereum in many growth areas.
Additionally, the Solaxy Layer 2 solution is designed to help Solana handle growing data traffic without affecting transaction speeds. It’s fair to say that Solana is way ahead of the curve and ready for whatever comes his way.
Solaxy raises $7.8 million and promises to solve Solana’s limitations
Presales of $SOLX, Solaxy’s home currency, began in December and have already exceeded $7.8 million. The token is currently priced at $0.001588, but the price will increase once the presale reaches the next milestone (which won’t take long given the current pace).
Some experts even predict that $SOLX will be the next 100x coin, but we always recommend proceeding carefully.
Although we do not give financial advice if you Are If you’re thinking about investing in $SOLX, there’s hardly a better time. The pre-sale is a prime opportunity to grab the best meme coins at the lowest possible price.