CoinGecko: Ethereum overtakes Solana by DEX trading volume

[Stanlosky]

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.”

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.