In this issue of Coin Metrics’ State of the Network, we analyze how Solana fared during this period, examining exchange volumes, adoption trends, stablecoin supply, and transaction fees amid the surge in activity. Additionally, we explore the broader market reaction, including the $2B in crypto liquidations triggered by Trump’s new tariff policies—an unexpected but significant ripple effect of the week’s political developments.
Key Takeaways:
- $TRUMP drove a surge in trading, with trusted exchange volumes reaching $20.5B and retail onboarding pushing active wallets to 6.5M (+25%)
- Stablecoin supply grew to $12B, with USDC making up 81%, boosting liquidity in Solana’s ecosystem.
- Total fees reached $30.6M, as network congestion increased average fees while median fees remained stable, providing a key stress test for Solana’s infrastructure and applications.
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