TLDR:
- Solana processed 3.4 billion transactions in February, an 11% increase compared to the previous month.
- The network outperformed BNB Chain’s activity by eight times and left behind the combined volume of Ethereum’s Layer 2s.
- The ecosystem concentrates 53% of the USDC stablecoin supply, reaffirming itself as a liquidity hub.
In a context of uncertainty last month, Solana’s operational dominance became evident. Data from DeFi Dev Corp. indicates that the network processed over 3.4 billion transactions, contrasting with the slowdown of Bitcoin and Ethereum.
This volume positions Solana above its closest competitor: BNB Chain, which recorded 424 million transactions. For its part, in the Ethereum ecosystem, main activity is shifting towards Layer 2 solutions like Base and Arbitrum, although even these networks combined fall far short of the performance of the network led by Anatoly Yakovenko.
Institutional support and stabilization after capitulation
Beyond network metrics, institutional interest was a fundamental support during the recent period of volatility. Spot Solana ETFs captured net inflows worth $950 million, demonstrating persistent confidence despite the SOL price suffering a 12% monthly drop.
On a technical level, Santiment data suggests that the panic selling phase could be coming to an end after recording realized losses close to $1.3 billion early in the month. Currently, selling pressure appears to be diminishing as the asset seeks to stabilize above the $90 zone.
In summary, Solana’s ability to continue with double digits in a bear market underlines its technical efficiency. If this transactional momentum is maintained, the network will consolidate itself as the leading infrastructure for payments and high-frequency decentralized applications in 2026.
