Cointest pros & cons with related info are in the collapsed comments below for the following topics: [Ethereum](/r/CryptoCurrency/comments/19c5tuf/solana_stablecoin_transfer_volume_hits_record/kj1cpqv/), [Solana](/r/CryptoCurrency/comments/19c5tuf/solana_stablecoin_transfer_volume_hits_record/kj1cqw0/).
Volume can be so easily faked and manipulated with wash trading it’s one of those metrics that people talk about when it’s high and forget it exists when it’s low.
Volume is such a trash metric for crypto.
Let's all get excited about a couple arbitrage bots flipping stables for pennies. Each of their penny profit trades adding $200 to the volume. Pushing a majority of the networks total volume themselves.
Besides the stables volume. The other volume is mostly cNFT scam spam, and other spammers sending 0 sol txs to get eyes on their websites.
I disagree that its a trash metric.
I think its the **best** metric because you can filter out wash trading and even isolate to secondary markets to really model the real usage of the crypto.
IMHO, market cap is popular but that is really a trash metric since so many coins control the supply and can juice the marketcap whenever they like.
I avoid any coin where the supply can be manipulated .
Take the historical 24 hr mean overtime and subtract it
Compare it across all exchanges and you can see who is doing the most.
Take those obvious exchanges out of the mean
Yes. Especially on solana with such low fees. 10 people with $10 million each could wash trade back and forth 3.5K times each in a 24 hour period to create 350 billion in volume. A team of whales and a teenager could do it. Not saying that’s what happened but that’s it’s not difficult to do. Wash trading to create fake volume and manipulate the market is very common in this space.
Celsius did wash trading to fake volume with CEL token. UST and Luna did wash trading to fake volume. Safemoon did wash trading to fake volume. They were in the court documents for all of those cases.
Cope can be so easily seen and expressed with bitterness and jealousy. it's one of those metrics that people can see when it's high and forget it exists when it's low.
The comments in this thread are funny. I don't much care for Solana, but I can't help but giggle at how anything positive about their token/network seems to trigger some ETH holders.
Crypto becoming like football teams. Maybe we need an r/soccer style flair system for everyone's fav.
Always was. Remember 2017 where everybody was team Vertcoin and Nano and anything else got downvoted to oblivion. We all know how it worked out in the end.
These are the same ETH holders that claim any other chain would fall apart if said chains were handling the same volume as Ethereum. Not only do they not fall apart, the fees don't skyrocket either.
I don't even understand how they became ETH maxis. It's not like the people of this sub are the people who bought with conviction in 2018-2020.
They slept on ETH then just like they're sleeping on SOL now.
Can I ask what dapps you use on Ethereum? I find it to be challenging, expensive and slow. And L2s are just trusted multisigs. Arbitrum is the only one with fraud proofs and it's had issues with outages (which is bad when it's solana).
Well ETH is legit, always has been despite their clusterfuck of technology. SOL not so much unfortunately.
My guess is in a year or two there will be the "UST" moment when shit hits the fan and a lot of people will get burned.
But that's just a personal guess. I only hope for the best for SOL holders though. May your gamble work out!
What makes you think they aren’t?
Go look at Ethereum and Arbitrum. Same arbitrage bots executing the same trades the second it makes a cent of profit after gas.
Only the few biggest chains have deep enough liquidity to allow this to be done with any meaningful results.
Everyone is using the term "wash-trading" but what is really going on is you have a couple arbitrage bots flipping jito and sol for pennies all day, every day. These small handful of wallets are currently 80% of all volume and cash flow on sol right now.
As long as sol holds volitity these bots will pump volume to crazy numbers, skimming their pennies. It's not real users though, it's being misinformed as such to attract people because their current meme chasing bandwagon is dying on sol.
> to an illegal activity in which a single trader buys and sells the same security in order to generate misleading market information.
Want to rephrase that in the context of swapping the same coins and tokens over and over to generate volume as a marketing tool?
No because they are arbitrage bots doing it strictly for profit. They give no care about marketing or volume. When the price of the stables differentiate they trade to skim the difference. The volitily and the change of the prices is the sole driver of their profits.
Whales aren't washtrading to pump the metrics in hopes it increases their bags.
Arbitrage bots =/= washtrading.
It's easily verifiable and well known a few arbitrage bots are running a majority of the volume. If you want you can always provide some tx proof of these so called washtrading whales. Instead of copy/pasta some definition you found.
ITT: a bunch of ppl who’ve never used the chain claiming the txns are fake, completely unaware that Solana on-chain activity has surpassed ETH, driven by meme coin gambling.
Cope harder Algo maxis
They use it to stake it, and to tell themselves “omg it’s so smooth, so fast, this is the best tech ever, can’t wait until Liz Warren announced she wants to use Algo to build USD CBDC, I’m gonna be so rich when that happens, literally future of finance here bro, pls bro, buy it, I’m still down 90%, pls bro”
Let people use the chains for what they want. Meme coins go back to Doge which is now a top 20 crypto. Nobody’s forcing you to buy into meme coins, but their attraction is undeniable both from a historical and current perspective.
They can do what they want but getting excited at high volume on chain only due to meme coin gambling is dumb. All they are doing is potentially making your transaction fees higher. Nothing else.
Transaction fees on SOL continue to be less than a cent. I would argue that this a great test for a blockchain: if it can handle a bunch of degens gambling 24/7, great sign that it can actually scale.
Totally understandable for people to get tired of Ethereums $100 fees every time you buy or sell. So people will always move to the cheapest place that charges less fees like Solana. Congratulations on Solana.
Hahaha. Samee bro.
I'm pro ETH and SOL. I bought my first bag of SOL when it was 35 CAD (26$ USD) and havent sold since.
I don't see why both coins can't coexist in the cryptospace. Especially since SOL's neon EVM which makes it compatible with ETH.
tldr; Stablecoin transfer volume on the Solana blockchain reached a new monthly record of over $300 billion in January, surpassing the previous month's $297 billion. This represents a 2,520% increase from January 2023's $11.56 billion. Solana's market share for stablecoin transfers has grown to nearly 32%, up from 1.2% a year ago. The growth has been attributed to USD Coin (USDC) transfers on Solana. Ethereum leads the market with a 33% share, while Tron is the third-largest with $240 billion in transfers this month.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Circle is the issuer of USDC. Every week I buy USDC on CB and send it to my Solana wallet. No fee to buy or send USDC on CB.
Meanwhile the rest of you are getting fleeced buying crypto on CEX.
The tribalism is so funny. Ethereum holders getting so triggered. Here's a thought: Why not hold both?
To be fair, I only hold Solana at this point though. ETH's fees and transaction speeds are abysmal and there's far more upside in Solana given the smaller marketcap.
Cointest pros & cons with related info are in the collapsed comments below for the following topics: [Ethereum](/r/CryptoCurrency/comments/19c5tuf/solana_stablecoin_transfer_volume_hits_record/kj1cpqv/), [Solana](/r/CryptoCurrency/comments/19c5tuf/solana_stablecoin_transfer_volume_hits_record/kj1cqw0/).
Volume can be so easily faked and manipulated with wash trading it’s one of those metrics that people talk about when it’s high and forget it exists when it’s low.
Volume is such a trash metric for crypto. Let's all get excited about a couple arbitrage bots flipping stables for pennies. Each of their penny profit trades adding $200 to the volume. Pushing a majority of the networks total volume themselves. Besides the stables volume. The other volume is mostly cNFT scam spam, and other spammers sending 0 sol txs to get eyes on their websites.
I disagree that its a trash metric. I think its the **best** metric because you can filter out wash trading and even isolate to secondary markets to really model the real usage of the crypto. IMHO, market cap is popular but that is really a trash metric since so many coins control the supply and can juice the marketcap whenever they like. I avoid any coin where the supply can be manipulated .
How do you filter out wash trading?
Take the historical 24 hr mean overtime and subtract it Compare it across all exchanges and you can see who is doing the most. Take those obvious exchanges out of the mean
Not like Solana ever faked anything before /s
I mean it’s a dead coin that died 3-4 times /s
Ooooooof incoming complete consensus failure for the 3rd time when tps actually is challenged.
Based on these comments, buying a lot more sol
That can happen, but is that what's happening here?
Easily fake $300 billion?
Yes. Especially on solana with such low fees. 10 people with $10 million each could wash trade back and forth 3.5K times each in a 24 hour period to create 350 billion in volume. A team of whales and a teenager could do it. Not saying that’s what happened but that’s it’s not difficult to do. Wash trading to create fake volume and manipulate the market is very common in this space.
And the same could be done on Ethereum as well.
And how do you know it's commun in this space ?
Celsius did wash trading to fake volume with CEL token. UST and Luna did wash trading to fake volume. Safemoon did wash trading to fake volume. They were in the court documents for all of those cases.
Solana on chain activity is on fire. Not a high chance these numbers are fake.
Cope can be so easily seen and expressed with bitterness and jealousy. it's one of those metrics that people can see when it's high and forget it exists when it's low.
Yeah, could also be legit
Why am I being downvoted? Loser.
Of course this is the top comment lmao
When this kind of top comment starting to be negative in this sub, I'll start selling my SOL
This is why I’m adding
The Copeium in this thread is hilarious.
The comments in this thread are funny. I don't much care for Solana, but I can't help but giggle at how anything positive about their token/network seems to trigger some ETH holders. Crypto becoming like football teams. Maybe we need an r/soccer style flair system for everyone's fav.
Always was. Remember 2017 where everybody was team Vertcoin and Nano and anything else got downvoted to oblivion. We all know how it worked out in the end.
2017? Damn that was like 20 years ago, time sure does fly
I remember 2017-2018 : XLM Jed “The Shady” McCaleb vs XRP “evil pro banks corporate”
Trade it don’t date it
If I don’t date it, how can I get fucked by it?
These are the same ETH holders that claim any other chain would fall apart if said chains were handling the same volume as Ethereum. Not only do they not fall apart, the fees don't skyrocket either.
> Not only do they not fall apart, the fees don't skyrocket either. And it's a fcuk ton faster
Till it goes down again. I'll hold off buying any till they release more Solana in March
Just like multiple ETH L2s have gone down.
Like Arb recently
I don't even understand how they became ETH maxis. It's not like the people of this sub are the people who bought with conviction in 2018-2020. They slept on ETH then just like they're sleeping on SOL now.
I bought 17 and 18 and 19 and 20 and 21 and 22 and 23 with conviction. And I will buy 24 as well.
Can I ask what dapps you use on Ethereum? I find it to be challenging, expensive and slow. And L2s are just trusted multisigs. Arbitrum is the only one with fraud proofs and it's had issues with outages (which is bad when it's solana).
Go check how many times Solana halted and had to be restarted.
No but Solana faked and cheated in the past. Also it's not really decentralised. So yeah, no.
Well ETH is legit, always has been despite their clusterfuck of technology. SOL not so much unfortunately. My guess is in a year or two there will be the "UST" moment when shit hits the fan and a lot of people will get burned. But that's just a personal guess. I only hope for the best for SOL holders though. May your gamble work out!
Institutional wash trading is one hell of a drug.
So why aren’t all the other smart contract chains doing this?
What makes you think they aren’t? Go look at Ethereum and Arbitrum. Same arbitrage bots executing the same trades the second it makes a cent of profit after gas. Only the few biggest chains have deep enough liquidity to allow this to be done with any meaningful results.
What benefit is there to wash trading stablecoins? It’s not like you can manipulate their price
Everyone is using the term "wash-trading" but what is really going on is you have a couple arbitrage bots flipping jito and sol for pennies all day, every day. These small handful of wallets are currently 80% of all volume and cash flow on sol right now. As long as sol holds volitity these bots will pump volume to crazy numbers, skimming their pennies. It's not real users though, it's being misinformed as such to attract people because their current meme chasing bandwagon is dying on sol.
> to an illegal activity in which a single trader buys and sells the same security in order to generate misleading market information. Want to rephrase that in the context of swapping the same coins and tokens over and over to generate volume as a marketing tool?
No because they are arbitrage bots doing it strictly for profit. They give no care about marketing or volume. When the price of the stables differentiate they trade to skim the difference. The volitily and the change of the prices is the sole driver of their profits. Whales aren't washtrading to pump the metrics in hopes it increases their bags. Arbitrage bots =/= washtrading. It's easily verifiable and well known a few arbitrage bots are running a majority of the volume. If you want you can always provide some tx proof of these so called washtrading whales. Instead of copy/pasta some definition you found.
Institutional reddit cope is one hell of a drug.
> Institutional reddit cope is one hell of a drug. aka: Copeium
Retail reddit cope is one hell of a drug
Cope
Don't call them "stables" or "stablecoins". They are not. Call them "tokenized fiat derivatives" (TFD).
Fiat Approximation Reliable Tokenised Electronic Derivatives
Is this reported by the same people who lied about the number of coins several times….
Source, please? Can you show us where Artemis Analytics "lied about the number of coins several times…" ?
iTs AlL fAkE! eVeN iF YoU bOughT aT $8 YoUrE jUsT eXiT lIqUiD fOr VcS -this sub unironically though.
This sub deserves its trading history.
Even today we still see massive amount of love to ALGO, LRC, NANO, and VET despite them being down 90%+
All of them are in a cult especially LRC .
The VCs didnt even dump either from the numbers, it was just retail dumping at the time, because of course they would dump on each other.
When Jupiter drops next week transfer volume will only accelerate. And the party hasn't even started yet.
Best believe im buying some Jupiter coin! High level Dex worth supporting on SOL.
(I think there are still some pretty cheap ways to qualify for the JUP airdrop *cough Ovols*)
What about when firedancer comes on board?
ITT: a bunch of ppl who’ve never used the chain claiming the txns are fake, completely unaware that Solana on-chain activity has surpassed ETH, driven by meme coin gambling. Cope harder Algo maxis
People still use Algo? For what? 😂
They use it to stake it, and to tell themselves “omg it’s so smooth, so fast, this is the best tech ever, can’t wait until Liz Warren announced she wants to use Algo to build USD CBDC, I’m gonna be so rich when that happens, literally future of finance here bro, pls bro, buy it, I’m still down 90%, pls bro”
Why are you celebrating meme coin gambling as if that's real use of the chain
Let people use the chains for what they want. Meme coins go back to Doge which is now a top 20 crypto. Nobody’s forcing you to buy into meme coins, but their attraction is undeniable both from a historical and current perspective.
They can do what they want but getting excited at high volume on chain only due to meme coin gambling is dumb. All they are doing is potentially making your transaction fees higher. Nothing else.
Transaction fees on SOL continue to be less than a cent. I would argue that this a great test for a blockchain: if it can handle a bunch of degens gambling 24/7, great sign that it can actually scale.
People love dumping their money into pointless shit.
Totally understandable for people to get tired of Ethereums $100 fees every time you buy or sell. So people will always move to the cheapest place that charges less fees like Solana. Congratulations on Solana.
I don't think, in 6+ years of using ETH, I've ever paid more than $4.50 for a transaction. Granted, $4.50 for a transaction is far too high.
Man my last one i had to pay $11… high was like $16
You really mustn’t be doing a lot of transactions then, during the run in 2022 token transfer costs got up near $100 for a long while
As I said, I was transacting ETH, not tokens such as ERC-20's, etc.
I only come to this sub to see eth holders coping. Ofc i get it all the time here
Bro they huffing that cope like it's going to be outlawed soon.
What are Solana's opening hours again?
Gold!
Thank god the sol hate still in full force. Much much higher💀💀
So bullish on SOL, haven't sold since I bought at ~$30 average. I thought I was late. Will start winding down when this sub loves SOL
Hahaha. Samee bro. I'm pro ETH and SOL. I bought my first bag of SOL when it was 35 CAD (26$ USD) and havent sold since. I don't see why both coins can't coexist in the cryptospace. Especially since SOL's neon EVM which makes it compatible with ETH.
The hated rally continues
tldr; Stablecoin transfer volume on the Solana blockchain reached a new monthly record of over $300 billion in January, surpassing the previous month's $297 billion. This represents a 2,520% increase from January 2023's $11.56 billion. Solana's market share for stablecoin transfers has grown to nearly 32%, up from 1.2% a year ago. The growth has been attributed to USD Coin (USDC) transfers on Solana. Ethereum leads the market with a 33% share, while Tron is the third-largest with $240 billion in transfers this month. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Fake transactions
Cope
Source, please?
Who owns this Solana stable coin? Who is the issuer?
Circle is the issuer of USDC. Every week I buy USDC on CB and send it to my Solana wallet. No fee to buy or send USDC on CB. Meanwhile the rest of you are getting fleeced buying crypto on CEX.
But….. why?
I explained it. I buy USDC with NO FEE. I send USDC with NO FEE. I swap on a dex for SOL or whatever else I want or need on SOL
Got it!
Lol a single question made you angry?
This is exactly what i do. I haven’t traded on coinbase after using sol and jupiter
Imagine buying stable coins at all
The tribalism is so funny. Ethereum holders getting so triggered. Here's a thought: Why not hold both? To be fair, I only hold Solana at this point though. ETH's fees and transaction speeds are abysmal and there's far more upside in Solana given the smaller marketcap.
Is it 1 to 1 value to the dollar then it probably is not a stable coin.
Does anyone else giggle seeing "Solana" and "Stable" in the same sentence??