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.
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Source: crypto.news