Stellar volume surges 14% as XLM-Solana flip narrative gains traction

Stellar (XLM) surged 14.1% over the weekend, pushing its trading volume to levels comparable with Solana (SOL) and reviving speculation that the two Layer-1 blockchains could swap positions in market cap rankings.

Stellar rose 14.1% to lead the CoinDesk 20 Index over the weekend, with trading volumes escalating to a level that analysts said puts XLM within striking distance of Solana's market cap position, according to CoinGecko data as of June 1. The CoinDesk 20, a broad-based index tracking the largest digital assets, traded at 1,993.65, up 0.2% since Friday's close.

"Stellar's volume profile now mirrors Solana's in key trading sessions, and the market is beginning to price in a potential flip," Jason Wu, on-chain analyst at Edgen, said. "Both networks show similar on-chain transaction structures and daily active user metrics, which narrows the valuation gap."

Solana traded at $80.20 as of 09:00 UTC on June 1, down 2.96% in 24 hours, while Stellar changed hands at levels reflecting its weekend surge. Solana's market cap stood at roughly $47.5 billion, compared with Stellar's approximately $12 billion, according to CoinGecko. The gap has narrowed from a peak of more than 5x in early 2025 to roughly 4x as of June 1, as Stellar's on-chain activity accelerated.

The volume escalation comes as both Layer-1 networks compete for cross-border payment and tokenization flows. Stellar has gained traction in emerging-market remittance corridors, while Solana has dominated decentralized exchange volume, processing $36.87 billion in May against Ethereum's $31.59 billion, per DefiLlama data. Solana also handles 32.6% of global stablecoin transfers, though Stellar's payment-focused architecture has drawn partnerships with MoneyGram and Circle.

Stellar's payment rails vs Solana's DeFi engine

Stellar's network processes transactions at sub-cent fees with three-to-five-second finality, comparable to Solana's $0.00025 per transaction and 12.8-second confirmation times. Solana's upcoming Alpenglow upgrade, targeting 150-millisecond finality as early as Q3 2026, could widen the speed gap if it reaches mainnet on schedule, according to Solana co-founder Anatoly Yakovenko's comments at Consensus Miami 2026.

Stellar's advantage lies in its regulatory clarity and established partnerships. The Stellar Development Foundation has secured money transmitter licenses in 48 U.S. states, and its network anchors include major financial institutions processing real-time settlements. Solana, by contrast, has drawn institutional capital through its ETF products, with U.S. SOL spot ETFs recording $115.34 million in May inflows and zero outflow days, per SoSoValue data.

What a flip would mean for Layer-1 rankings

A Stellar flip of Solana in market cap would represent the first major reshuffling among top Layer-1 blockchains since Solana overtook XRP in early 2024. The move could trigger significant capital rotation, with funds tracking crypto indexes rebalancing to reflect the new weighting.

Solana's open interest dropped 30% in May to $1.9 billion, while its spot ETFs continued accumulating, creating a divergence between leveraged traders and institutional buyers. Stellar faces its own challenges: the network's total value locked remains below $500 million, a fraction of Solana's $7.6 billion, and its DeFi ecosystem is less developed.

The immediate catalyst for both tokens is technical. Solana's Alpenglow upgrade enters validator testing, while Stellar's protocol 22 upgrade, which introduced smart contract functionality via Soroban, continues to attract developers. Which network converts its volume advantage into sustained market cap growth depends on whether Stellar can expand its DeFi footprint or Solana can maintain its institutional momentum through the upgrade cycle.

This article is for informational purposes only and does not constitute investment advice.