CoinGecko: Ethereum overtakes Solana by DEX trading volume

CoinGecko analysts have found Ethereum at the top of March’s trading volumes for decentralized exchanges.

Ethereum became the leader of 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 sits in second place with a share of 21.3% but has shown the greatest growth over 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 was $28.5 billion, an increase of 161.1% over the month. The blockchain finished the last reporting period with $10.9 billion.

According to CoinGecko, the total trading volume on DEXs reached $190 billion, more than doubling February’s figure of $81 billion.

Experts note that Ethereum’s share dropped 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 overtook Ethereum’s dominance. Ethereum had a 31.2% and 30.1% market share in January and March, while Arbitrum stood at 39.1% and 39.7% during the same period.”

CoinGecko

Trading volume itself continues to grow within the network. In the first quarter of this year, it increased by 46.8%, as calculated by CoinGecko. Solana remains the growth leader, as its trade turnover increased from $18.18 billion to $62.31 billion. Quarterly, this figure increased by 242.7%.

In March, DEXs based on Solana captured about half of the daily trading volume in the market. The segment leader was the Jupiter platform, which had $2.66 billion, followed by Raydium at $2.4 billion. The increased interest in the Solana blockchain occurred amid the hype around meme coins.