Ethereum overtakes Solana by DEX trading volume

CoinGecko analysts found that Ethereum was at the top of March trading volumes for decentralized exchanges.

Ethereum became the leader of decentralized exchanges (DEX) with a 37.1% share in transaction volumes. Last month, transaction volume on the Ethereum network increased by 92.4%, reaching $69.67 billion.

Solana blockchain is currently in second place with a 21.3% share, but showed the largest growth during the reporting period at 244.8%, reaching $40 billion.

BNB Smart Chain ranks third, accounting for 15.1% of the total trading turnover across all DEXs. In March, transaction volume reached 28.5 billion dollars, increasing by 161.1% monthly. Blockchain finished the last reporting period with $10.9 billion.

Total trading volume on DEXes reached $190 billion, more than doubling the $81 billion figure in February, according to CoinGecko.

Experts note that Ethereum’s share will fall sharply to 33.4% in the first quarter of 2024, as Solana and Arbitrum significantly strengthen their positions. For comparison, in the fourth quarter of 2023, Ethereum’s share was 46.8%.

“In January and February 2024, Arbitrum briefly took over Ethereum. Ethereum had a market share of 31.2% and 30.1% in January and March, while Arbitrum remained at 39.1% and 39.7% during the same period.”

CoinGecko

Transaction volume within the network continues to grow. It increased by 46.8% in the first quarter of this year, according to CoinGecko’s calculation. Solana, whose trade turnover increased from $18.18 billion to $62.31 billion, continues to be the growth leader. On a quarterly basis, this figure increased by 242.7%.

In March, Solana-based DEXs captured nearly half of the market’s daily trading volume. The segment leader was the Jupiter platform with $2.66 billion, followed by Raydium with $2.4 billion. The surge of interest in the Solana blockchain has occurred amid excitement around meme coins.