As an analyst with a background in blockchain technology and experience in analyzing trading data, I find the recent findings from CoinGecko on the top decentralized exchanges (DEXs) by trading volumes to be quite intriguing. Ethereum’s dominance in this space has been challenged in recent months, with Solana emerging as a strong contender.
Analysts from CoinGecko have identified Ethereum as having the highest trading volume among decentralized exchanges during the month of March.
As an analyst, I’d rephrase it as follows: With a dominant market share of 37.1%, Ethereum has emerged as the go-to platform for decentralized exchanges (DEX) in terms of trading volumes. Notably, there was a significant surge in trading activity on Ethereum last month, with a staggering increase of 92.4% that brought the total trading volume to an impressive $69.67 billion.
As a researcher studying the cryptocurrency market, I’ve observed that Solana currently holds a 21.3% market share among all blockchains. However, what sets it apart is its remarkable growth during the reporting period. Specifically, Solana experienced an impressive increase of 244.8%, catapulting its total value to reach an astounding $40 billion.
BNB Smart Chain holds the third largest trading volume among all decentralized exchanges (DEXs), representing approximately 15.1%. In March alone, this blockchain recorded a trading volume of an impressive $28.5 billion, marking a significant surge of 161.1% compared to the previous month. Concluding the last reporting period, BNB Smart Chain reported a trading volume of $10.9 billion.
Based on data from CoinGecko, the aggregate trading volume in Decentralized Exchanges (DEXs) surpassed $190 billion, marking a significant jump from the approximately $81 billion recorded in February.
In the opening three months of 2024, Ethereum’s market dominance saw a substantial decline, dropping to a 33.4% share. Meanwhile, Solana and Arbitrum made impressive strides, expanding their influence and boosting their respective shares. A reminder, Ethereum held a 46.8% share in Q4 of the previous year.
As a researcher studying the cryptocurrency market trends in early 2024, I discovered an intriguing shift in dominance between Ethereum and Arbitrum. In January and February, Arbitrum managed to surpass Ethereum’s market share, with Arbitrum accounting for 39.1% and 39.7%, respectively, compared to Ethereum’s 31.2% in January and 30.1% in March.
CoinGecko
The trading volume in our network is on an upward trend, with a significant jump of 46.8% during the first quarter of this year according to CoinGecko’s calculations. Among all, Solana stands out as the fastest growing entity, experiencing a remarkable surge from $18.18 billion to $62.31 billion in trade turnover, representing a substantial 242.7% increase within a quarter.
In March, approximately half of the daily trading volume in the cryptocurrency market was handled by Decentralized Exchanges (DEXs) built on the Solana blockchain. Among these, Jupiter emerged as the front-runner with a trading volume of $2.66 billion, while Raydium came in second place with $2.4 billion. The surge in popularity for the Solana platform can be attributed to the buzz surrounding meme coins.
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2024-04-30 18:38