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CoinGecko analysts have found ethereum at the top of March trading volumes for decentralized exchanges.
ethereum become 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 is now in second place with a 21.3% share, but has shown the highest growth during the reporting period, with 244.8%, reaching $40 billion.
BNB Smart Chain is in third place and accounts 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. Blockchain ended the last reporting period with $10.9 billion.
According to CoinGecko, total trading volume on DEX reached $190 billion, more than double the February 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 Q4 2023, ethereum's share was 46.8%.
“In January and February 2024, Arbitrum briefly overtook 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 rose 46.8%, according to CoinGecko calculations. Solana remains the growth leader, as its commercial turnover increased from $18.18 billion to $62.31 billion. Quarterly, this figure increased by 242.7%.
In March, Solana-based DEXs captured about 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 increased interest in the Solana blockchain came amid the hype around meme coins.
