Solana Beats Binance Smart Chain and Ethereum, But Can It Handle the Growing Demand?

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).

December was a banner month for the crypto industry, with record-breaking on-chain trading volumes.

According to data from Footprint Analytics, cumulative on-chain spot trading volumes reached $451.5B by December 30 — a 19% increase from November (which previously held the record at $379.5B).

During the same period, on-chain derivatives trading volumes reached a record $325.3B, marking an $81.3B increase from last year and a $10B increase from March.

Solana Led the Growth

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 interesting to note that although the 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 slight 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 one-seventh of Ethereum’s TVL. Naturally, concerns arise about its capability to handle the demand.

It’s too early to judge for sure. Still, here are some reasons why we think Solana will continue to thrive:

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

The presale of $SOLX, Solaxy’s native currency, kicked off in December and has 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 doing 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.