🚨 Stablecoins: The Unstoppable Force in Crypto 🚨
It appears that stablecoins have become the belle of the ball, while their smart contract platform friends, Ethereum and Solana, are struggling to keep up. Ah, the cruel whims of market sentiment! 🙄
As the market teeters on the brink of chaos, courtesy of President Trump’s tariff policies and the looming trade war, traders are bracing themselves for the worst. But, dear reader, do not be fooled – stablecoin adoption is still chugging along, thank you very much! 🚂
According to Matthew Sigel, VanEck’s head of research, the ongoing macroeconomic uncertainty could, in fact, accelerate the strategic case for crypto. Ah, the silver lining! ☁️
Stablecoins: The Unstoppable Force
Stablecoins have added a whopping $10 billion to their market capitalization in March, with multiple issuers, including VanEck, preparing to launch their own branded stablecoin products. Ah, the stablecoin party is just getting started! 🎉
And, despite a significant drop in average stablecoin yields, the inflows persisted. One might say, “well, duh!” 🙄
Stablecoin yields now range from a paltry 3% to 5%, a far cry from the 10% they boasted at the start of the year. But, as they say, “you can’t have your cake and eat it too” – or in this case, you can’t have high yields and high adoption. 😒
Tokenized Treasury Bills, a primary source of institutional stablecoin yield, saw a 26% increase in issuance from February to March, surpassing $5 billion in total issuance. Ah, the power of the almighty dollar! 💸
Ethereum and Solana: The Struggling Twins
Meanwhile, smart contract platforms are struggling to keep up. Revenues and trading volumes dropped 36% and 40%, respectively, according to the report. Ah, the woes of being a smart contract platform! 🤕
Solana, in particular, has taken a beating. Daily fee revenues and decentralized exchange (DEX) volumes diminished by 66% and 53%, respectively, in March. Ah, the poor dear! 😔
And, to make matters worse, Solana’s DEX share of volumes fell below those of Ethereum and its layer-2 scaling chains (L2s) after briefly surpassing them in February. Ah, the fleeting nature of success! 🤯
This relative decline partly reflects a slowdown in memecoin trading, which still dominates Solana DEX activity. Ah, the memecoin madness! 🤪
The segment has suffered since February after a series of memecoin-related scandals soured sentiment among retail traders. Ah, the perils of being a memecoin! 😳
On Feb. 14, Libra, a memecoin seemingly endorsed by Argentine President Javier Milei, erased some $4.4 billion in market capitalization within hours of launching. Ah, the fleeting nature of fame! 🤯
Trading volumes on Ethereum’s L2s also experienced declines – retracing by some 18% from February – but held up better than Solana’s, according to VanEck. Ah, the resilience of Ethereum! 💪
During the final week of March, “blob fees,” the Ethereum network’s main source of income from L2s, sunk to the lowest weekly levels so far this year, according to Etherscan. Ah, the struggles of being a smart contract platform! 🤕
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2025-04-04 23:25