Solana Processes Over 3.4 Billion Transactions in February, Surpassing BNB Chain and Ethereum Layer 2 Networks
Solana processed over 3.4 billion transactions in February, an 11% increase from January, DeFi Dev Corp data show. The transaction volume was roughly eight times higher than BNB Chain's 424 million transactions and exceeded the combined activity of Ethereum Layer 2 networks including Base and Arbitrum. The Solana ecosystem concentrated 53% of USDC stablecoin supply, reinforcing its role as a liquidity hub amid broader market uncertainty. Spot Solana ETFs recorded $950 million in net inflows despite SOL's 12% monthly price drop, while Santiment data indicated realized losses of about $1.3 billion early in the month and suggested selling pressure may be easing as the asset trades around $90.