- Ethereum topped March’s trade volumes for decentralized exchanges, according to CoinGecko experts.
- With a stake of 37.1%, Ethereum emerged as the top decentralized exchange (DEX) in terms of trade volumes. The Ethereum network saw a 92.4% growth in trading volume last month, totaling $69.67 billion.
With a share of 21.3%, the Solana blockchain is currently ranked second; nevertheless, it has grown at the fastest rate during the reporting period, hitting $40 billion at 244.8%.
Third position goes to BNB Smart Chain, which makes up 15.1% of all DEX trading turnover. Its trading volume in March was $28.5 billion, indicating a 161.1% rise over the previous month. At the end of the most recent reporting period, the blockchain had $10.9 billion.
CoinGecko reports that the total trade volume on DEXs hit $190 billion, more than double the $81 billion recorded in February.
According to experts, Solana and Arbitrum dramatically strengthened their positions during the first quarter of 2024, causing Ethereum’s share price to decrease sharply to 33.4%. In contrast, Ethereum’s share was 46.8% by the fourth quarter of 2023.
Within the network, trading volume is still increasing. According to CoinGecko’s calculations, it rose by 46.8% over the first quarter of this year. With a rise in trade turnover from $18.18 billion to $62.31 billion, Solana continues to dominate growth. This number climbed by 242.7% on a quarterly basis.
DEXs built on Solana accounted for nearly half of the market’s daily trading volume in March. With $2.66 billion, the Jupiter platform led the segment, followed by Raydium ($2.4 billion). The excitement surrounding meme currencies coincided with a rise in interest in the Solana blockchain.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
