Ethereum Surpasses Solana in DEX Trading Volume, According to CoinGecko
CoinGecko analysts have discovered that Ethereum emerged as the frontrunner in terms of trading volumes for decentralized exchanges (DEX) in March. Ethereum secured a market share of 37.1%, experiencing a significant growth of 92.4% and reaching a trading volume of $69.67 billion. Following closely behind in second place is the Solana blockchain, which captured a share of 21.3% and exhibited the highest growth rate during the reporting period at 244.8%, resulting in a trading volume of $40 billion. BNB Smart Chain secured the third position, accounting for 15.1% of the total trading turnover across all DEXs. Its trading volume in March reached $28.5 billion, a remarkable increase of 161.1% compared to the previous month. The blockchain concluded the reporting period with a total of $10.9 billion. CoinGecko reports that the total trading volume on DEXs surpassed $190 billion in March, more than doubling the figure recorded in February, which stood at $81 billion. Experts have observed a significant decline in Ethereum’s market share during the first quarter of 2024, dropping to 33.4%, as Solana and Arbitrum gained substantial traction. In contrast, Ethereum held a market share of 46.8% in the fourth quarter of 2023. Despite the decline in market share, trading volume within the Ethereum network continues to grow. In the first quarter of this year, trading volume increased by 46.8% according to CoinGecko. Solana remains the growth leader, with its trade turnover surging from $18.18 billion to $62.31 billion. This represents an impressive quarterly growth rate of 242.7%. In March, Solana-based DEXs captured approximately half of the daily trading volume in the market. The leading platform in this segment was Jupiter, which recorded a trading volume of $2.66 billion, followed closely by Raydium with $2.4 billion. The heightened interest in the Solana blockchain can be attributed to the hype surrounding meme coins.
