Solana Surges Past Base in x402 Activity as App Revenue Skyrockets
Solana's SOL has been making waves in the crypto space, and its latest growth story is one to watch. According to data from Artemis, Solana has taken the lead in x402 activity, surpassing Base for the first time. This payment protocol allows AI agents and apps to use stablecoins for online services, and Solana's dominance in this area is a significant development.
The numbers are impressive: weekly x402 transactions and volume have seen a massive jump, with Solana handling the majority of activity. Additionally, Solana ranked first in app revenue during August, earning $143 million - 38% of total on-chain app earnings. This puts it ahead of Ethereum, Base, and Hyperliquid L1.
The rise in x402 activity may help generate new demand for SOL, but it's worth noting that supply growth alone doesn't guarantee a price move. The proposal to cut new SOL issuance by 18.9 million over the next six years could also impact the market.