Stablecoins are “in a separate market market”, even if intelligent contract platforms – including Ethereum and Solana – spray in the middle of the market tumult, said asset director Vaneck in a monthly ticket on April 3.
The decrease in activity on intelligent contract platforms reflects the feeling of market cooling in cryptocurrencies and beyond while traders are preparing for the impact of the pricing policies of the American president Donald Trump and an imminent trade war.
But the adoption of the squap – a key measure of the overall health of web3 – continues to appear. This is partly due to the fact that continuous macroeconomic uncertainty “could accelerate the strategic case of the crypto,” said Matthew Sigel, Vaneck research manager, in a post of April 4.
Tokenized cash flow bills help support the adoption of stablescoin. Source: Valve
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Stablecoins gain steam
Stablecoins has collectively added nearly $ 10 billion in total market capitalization in March while several issuers, including Vaneck, are preparing to launch brand brand products, he said.
The entries persisted despite a sharp decline in average stablecoin yields, noted the asset manager.
Yields at the stable now vary from around 3% to 5% – near or slightly below cash bills – compared to 10% at the start of the year, he said.
Despite this, the issuance of tokenized cash flow bills – a main source of institutional return to the stable – increased from 26% from February to March, exceeding $ 5 billion in total emission, according to the report.
Ethereum, Solana slows down
Meanwhile, intelligent contract platforms have undergone business decreases, income and negotiation volumes lowering 36% and 40% respectively, according to the report.
Solana suffered particularly. Daily revenues of decentralized costs and volumes (DEX) decreased by 66% and 53%, in March, said Vaneck.
In fact, the DEX share of Solana de Volumes again fell below those of Ethereum and its layer 2 (L2S) scale chains after having briefly exceeded them for the first time in February.
Solana has lost ground against Ethereum in DEX volume. Source: Valve
This relative decline in part reflects a slowdown in the same trading, which still dominates Solana Dex activity.
The segment has suffered since February after a series of scandals linked to the same has embittered the feeling among retail merchants.
On February 14, Balance, a same, apparently approved by Argentine President Javier Milei, erased some $ 4.4 billion in market capitalization in the hours following the launch.
In March, the trading of volumes on Ethereum L2 also experienced decreases – retirement of some 18% from February – but resisted better than Solana, according to Vaneck.
During the last week of March, “Blob Fees”, the main source of income from the Ethereum de L2 network, has flowed at the lowest weekly levels this year, according to Etherscan.
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