Ethereum
Ethereum Overtakes Solana in DEX Transaction Volume
Analysts at CoinGecko found Ethereum leading March trading volumes for decentralized exchanges.
Ethereum became the leader in decentralized exchanges (DEX) in trading volumes, with a share of 37.1%. Last month, trading volume on the Ethereum network increased by 92.4%, reaching $69.67 billion.
THE Solana Blockchain now ranks second with a 21.3% share, but showed the highest growth during the reporting period at 244.8%, reaching $40 billion.
BNB Smart Chain is in third place, accounting for 15.1% of the total trading turnover across all DEXs. In March, its trading volume stood at $28.5 billion, an increase of 161.1% over the month. Blockchain ended the last reporting period with $10.9 billion.
According to CoinGecko, total trading volume on DEXs reached $190 billion, more than double February’s figure of $81 billion.
Experts note that Ethereum’s share fell sharply during the first quarter of 2024, falling to 33.4% as Solana and Arbitrum significantly strengthened their positions. For comparison, in the fourth quarter of 2023, Ethereum’s share was 46.8%.
“In January and February 2024, Arbitrum briefly surpassed Ethereum’s dominance. Ethereum had a market share of 31.2% and 30.1% in January and March, while Arbitrum stood at 39.1% and 39.7% during the same period.
CoinGecko
The trading volume itself continues to grow within the network. In the first quarter of this year, it increased by 46.8%, according to calculations by CoinGecko. Solana remains the growth leader, with its commercial revenue increasing from $18.18 billion to $62.31 billion. Quarterly, this figure increased by 242.7%.
In March, Solana-based DEXs capture approximately half of the daily trading volume on the market. The segment leader was the Jupiter platform, with $2.66 billion, followed by Raydium with $2.4 billion. The increased interest in the Solana blockchain has occurred amid the hype around coins.