The Solana blockchain processed over 3.4 billion transactions in February 2026, marking an 11% increase from January and far surpassing activity on other major networks. This surge in usage occurred as the broader crypto market moved sideways and coincided with significant institutional investment in Solana ETFs and a dominant share of the USDC stablecoin supply.
While the broader crypto market moved sideways in February 2026, Solana followed a different path. New data from DeFi Dev Corp. shows the network processed over 3.4 billion transactions, an 11% monthly increase as networks like Ethereum and Bitcoin saw activity slow.
This volume placed Solana far ahead of its closest competitor, BNB Chain, which handled around 424 million transactions. The data reveals a significant trend where Ethereum’s mainnet recorded only 62 million transactions, placing it near the bottom of the list.
Much of Ethereum’s activity has shifted to its Layer-2 scaling networks. For example, Base processed 316 million transactions, while Arbitrum and Optimism recorded 123 million and 68 million, respectively.
Solana also witnessed strong institutional support. Since their launch, Spot Solana ETFs have attracted around $950 million in net inflows. Furthermore, a report mentioned Solana holds roughly 53% of the $15.34 billion USDC supply, making it a major hub for stablecoin activity.
On-chain data indicated selling pressure may be easing. Analysis of Solana’s Net Realized Profit/Loss showed most of February in negative territory, with a major spike in early February suggesting losses nearing $1.3 billion. The subsequent decrease in the size of loss bars indicates selling pressure is easing as the price stabilizes between $80 and $90.
