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Ethereum Regains Lead in DEX Trading Volumes, Surpassing Solana

Ethereum's dominant trading performance and Solana’s growth

Ethereum has once again topped the charts in trading volumes, surpassing competitors including the rapidly growing Solana.

Key takeaways:

  • Ethereum leads March's DEX trading volumes with a substantial increase, capturing 37.1% of the market.
  • Solana, despite being second, shows remarkable growth, signaling strong market competitiveness.

March witnessed a significant reshuffling in decentralized exchange volumes, with Ethereum regaining its lead by recording a trading volume of $69.67 billion, which marks a 92.4% increase from the previous month. Ethereum now accounts for 37.1% of the total DEX market share. This resurgence highlights Ethereum's robust trading activity and its pivotal role in the DEX landscape.

While Ethereum leads in volume, Solana has demonstrated the highest growth rate among its peers. In the reported period, Solana's trading volume surged by an impressive 244.8%, reaching $40 billion and securing a 21.3% market share. This rapid growth has positioned Solana as a formidable contender in the DEX space.

BNB Smart Chain also showed strong performance, securing third place with 15.1% of the total DEX trading turnover, amounting to $28.5 billion—an increase of 161.1% over the month.

Broader market dynamics

Overall, the total trading volume across all DEXs reached a staggering $190 billion, more than doubling from February’s $81 billion. The first quarter of 2024 saw a sharp decline in Ethereum’s market share from the last quarter of 2023, dropping from 46.8% to 33.4%. This shift occurred as both Solana and Arbitrum made significant gains, with Arbitrum briefly surpassing Ethereum in January and February 2024.

Solana’s trading momentum was particularly notable in March, where DEXs based on its platform accounted for about half of the daily trading volume. Platforms like Jupiter and Raydium led this surge, with $2.66 billion and $2.4 billion in trading volumes respectively. The heightened activity around Solana coincided with the rising interest in meme coins, adding to its trading fervor.