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PYUSD Surges on Solana: Rapid Growth in Stablecoin Demand
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The recent developments indicate a significant shift in perception.
A remarkable surge in PYUSD supply suggests unexpected demand for the PayPal-backed stablecoin.
PYUSD: Emerging Alternative in DeFi
PYUSD entered the Solana ecosystem on May 29th with a modest circulating supply of 5 million tokens. This launch occurred amid a backdrop where approximately 400 million PYUSD tokens were already in circulation on Ethereum, marking its debut on a decentralized network. Despite its relatively small start on Solana, PYUSD has rapidly gained momentum in terms of usage and adoption within the network.
According to data from Step Finance, the circulating supply of PYUSD on Solana has skyrocketed to 165.4 million tokens as of recent reports. This staggering increase reflects a growth rate of approximately 2,500% since its launch just weeks ago, underscoring the rapid uptake and utilization of PYUSD among Solana users.
The surge in PYUSD issuance on Solana not only highlights its increasing popularity but also positions it as a formidable contender to Ethereum-based stablecoins. This growth suggests a robust demand for PayPal’s stablecoin alternative within the Solana ecosystem. This is possibly driven by lower transaction fees and faster transaction speeds inherent to the Solana blockchain.
More About PYUSD
Kamino has recently tripled its incentives for $PYUSD, boosting weekly rewards from 39,000 to 117,000 $PYUSD. This move aims to attract increased inflows, enhancing the platform’s liquidity and participation. Additionally, depositors now earn three times the Kamino Points, adding further incentives for engagement.
Source: X
Karmino has demonstrated its economic significance in Solana with rapid movements. This includes a $6 million supply and $1.5 million borrowed within an hour for $PYUSD. Kamino serves as a vibrant economic hub within the Solana ecosystem. It facilitates activities such as supply, borrowing, liquidity provision, long and short positions, looping, and farming, thus fostering dynamic interactions in DeFi.
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July 11, 2024 at 08:25AM
July 11, 2024 at 08:26AM
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