Solana Bridges Surge: $10.1B Volume, USDC Leads, Wormhole Challenged

Solana's bridge platforms have witnessed a significant surge in total inbound volume since 2021, surpassing the $10.1 billion threshold. This marks an impressive 114% increase from the $4.7 billion recorded up to February 2024, highlighting the growing use of Solana's bridges within the cryptocurrency ecosystem.

The most frequently bridged asset within the Solana network was USD Coin (USDC), with an all-time inbound volume of $3.9 billion and an outbound volume of $4.7 billion. Ether (ETH) followed closely with approximately $2 billion for both inbound and outbound volumes. Solana's native token, SOL, came in third, with $1.5 billion inbound and $1 billion outbound.

Wormhole has maintained its position as the most popular bridging platform in the Solana ecosystem, with an all-time volume of $7.3 billion. However, there has been a slight decrease in its usage over time, allowing its competitor, deBridge, to gain ground. In February, deBridge's weekly volumes exceeded those of Wormhole by 12%.

Analysis of the bridge volume trends from DefiLlama indicates a surge in activity between November 2024 and January 2025, with Solana bridges recording over $6 billion in volume. In detail, the monthly volumes for November reached $1.1 billion, climbed to $2.5 billion in December, and peaked at $3.2 billion in January.

While Solana's bridge volumes have shown impressive growth, they remain relatively modest when compared to those of the Ethereum network. During the same period, Ethereum bridges generated a volume of $38 billion, dwarfing the figures from Solana. Ethereum's bridge volume remained robust throughout 2024, with the lowest monthly volume recorded in April at $5.1 billion.