- Stripe launches crypto payments via Solana USDC.
- Interest in Solana’s DeFi verticals continued to decline.
solarium [SOL] managed to see massive growth in the last few months. Stripe’s recent move may add more momentum to Solana’s growth.
Can Solana reach the top?
Stripe, a prominent financial services provider, has ambitious initiatives planned for next summer, which involve facilitating cryptocurrency payments using the USDC stablecoin on the Solana blockchain.
Co-founder John Collison emphasized that the platform is expanding its support to encompass global stablecoin payments. Additionally, he stated that cryptocurrency transactions will now be settled “immediately” in fiat currency.
Initially, the utilization of USDC issued by Circle will drive the integration of crypto payments on the Solana, Ethereum and Polygon blockchains.
Collison highlighted during his keynote that Stripe aims to significantly improve the user experience with the reintroduction of crypto settlements.
This can have a positive impact on the Solana ecosystem. Stripe’s broad user base will be exposed to SOL, which could lead to an increase in the adoption and use of blockchain for transactions.
At press time, the number of daily active addresses on the network had decreased. After peaking at 2.4 million users on March 16, the number of daily active addresses fell by 1.3 million.
Stripe’s recent move could help SOL with a rebound in activity in the future.
However, there were other areas that Solana continued to struggle with. In the DeFi sector, the blockchain continued to see a decline in its TVL (total value locked).
Additionally, DEX (Decentralized Exchange) volumes on the network had also fallen. All of these factors indicated that users were losing interest in Solana’s DeFi offerings.
If Solana wants to maintain its upward momentum in terms of adoption and activity, it would need to attract new users to its DeFi ventures.
Read Solana [SOL] Price prediction 2024-25
How is SOL doing?
At the time of this publication, SOL was trading at $142.75 and its price had fallen by 1.63% in the last 24 hours. Social volume around SOL has also decreased in recent days, indicating that the network’s popularity is declining.
Furthermore, the weighted sentiment around the SOL token had also fallen, suggesting that negative comments were increasing.
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