According to analysts at CoinGecko, Ethereum has claimed the top spot in March’s decentralized exchange (DEX) trading volumes, marking a significant milestone in the crypto landscape.
With a commanding share of 37.1%, Ethereum emerged as the leader in DEX trading volumes, witnessing a remarkable 92.4% increase in trading volume on its network, totaling $69.67 billion for the month.
Meanwhile, Solana, which previously held the top position, now ranks second with a share of 21.3%. Despite slipping from the top spot, Solana demonstrated remarkable growth over the reporting period, with a staggering 244.8% surge in trading volume, reaching $40 billion.
BNB Smart Chain secured third place, accounting for 15.1% of the total trading turnover across all DEXs. Notably, its trading volume surged by 161.1% to $28.5 billion in March, further solidifying its position in the DEX ecosystem.
Overall, CoinGecko reports a substantial increase in total trading volume on DEXs, soaring to $190 billion in March, more than doubling February’s figure of $81 billion.
While Ethereum’s dominance experienced a slight dip during the first quarter of 2024, falling to 33.4%, Solana and Arbitrum made significant gains during this period. Ethereum’s share was notably higher at 46.8% in the fourth quarter of 2023.
The growth trajectory within the network remains positive, with trading volume experiencing a notable uptick of 46.8% in the first quarter of 2024. Solana continues to lead the growth charge, with its trade turnover skyrocketing from $18.18 billion to $62.31 billion, marking a remarkable 242.7% increase quarterly.
In March, DEXs based on Solana captured a significant portion of the daily trading volume in the market, with platforms like Jupiter and Raydium leading the segment. This heightened interest in the Solana blockchain coincided with the surge in popularity of meme coins, underscoring the platform’s growing prominence in the crypto landscape.
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