The surge in stablecoin transfer volume on the Solana blockchain is primarily driven by market makers’ activities on the Phoenix exchange, rather than actual trading between counterparties. This has led to a significant overestimation of Solana’s stablecoin trading volume compared to other blockchains, highlighting the need for clarity and caution when interpreting blockchain activity metrics. Analysts and observers should be aware that the recorded transfer volume may not accurately reflect genuine economic activity on the Solana network.
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