Ethereum surpasses Solana in trading volume

Analysts at CoinGecko have discovered that Ethereum was the most traded cryptocurrency on decentralized exchanges in March.

Ethereum became Leader of the decentralized exchangesDEX( ), with a market share of 37.1%. Trading volume on Ethereum increased 92.4% last month to reach $69.67 billion.

You can also find out more about the following: Solana Blockchain is now in the second position with a market share of 21,3%, but it has seen the largest growth during the period under review, at 244,8% and reaching $40 billion.

BNB Smart Chain is in third place, accounting for 15.1% of the total trading turnover across all DEXs. Its trading volume increased by 161,2% in March to $28.5 billion. Last reporting period the blockchain had $10.9billion.

CoinGecko reports that the trading volume of DEXs has reached $190 billion. This is more than double February’s $81 billion.

Experts note that Ethereum’s share dropped sharply during the first quarter of 2024, falling to 33.4% as Solana and Arbitrum significantly strengthened their positions. Comparatively, Ethereum’s market share in the first quarter of 2024 was 46.8%.

“In January and February 2024, Arbitrum briefly overtook Ethereum’s dominance. Ethereum had a 31.2% and 30.1% market share in January and March, while Arbitrum stood at 39.1% and 39.7% during the same period.”

CoinGecko

The trading volume within the network continues to increase. In the first quarter of this year, it increased by 46.8%, as calculated by CoinGecko. Solana continues to be the leader in growth, with its turnover increasing from $18.18 Billion up to $62.31 Billion. The quarterly increase in this number was 242,7%.

DEXs with Solana as their base were launched in March captured About half the trading volume is done daily. Jupiter led the segment with $2.66 Billion, followed by Raydium, at $2.4 Billion. As the buzz around the blockchain grew, so did interest in Solana. meme coins.