CoinGecko researchers have identified Ethereum as the top performer in trading volumes for decentralized exchanges in March. Ethereum dominated decentralized exchanges (DEX) with a market share of 37.1%. The trading volume on the Ethereum network surged by 92.4% last month, totaling $69.67 billion.
Solana blockchain secured the second position with a market share of 21.3% and experienced the most significant growth during the reporting period, increasing by 244.8% to $40 billion. BNB Smart Chain claimed the third spot, representing 15.1% of the total trading volume across all DEXs. In March, its trading volume hit $28.5 billion, marking a 161.1% increase from the previous month and ending the quarter with $10.9 billion.
According to CoinGecko, the total trading volume on DEXs reached $190 billion in March, more than double the figure recorded in February, which stood at $81 billion. Analysts have observed a sharp decline in Ethereum’s market share during the first quarter of 2024, dropping to 33.4% as Solana and Arbitrum strengthened their positions. In comparison, Ethereum held a 46.8% share in the fourth quarter of 2023.
Trading volume within the network continues to rise, growing by 46.8% in the first quarter of this year, as reported by CoinGecko. Solana remains the growth leader, with its trade turnover jumping from $18.18 billion to $62.31 billion, representing a 242.7% increase quarterly.
In March, Solana-based DEXs captured approximately half of the daily trading volume in the market. The top platform was Jupiter, with a trading volume of $2.66 billion, followed by Raydium at $2.4 billion. The increased interest in the Solana blockchain coincided with the buzz surrounding meme coins.
Additionally, Solana’s Jupiter DEX recently launched a native DAO and secured $137 million in initial capital.