Competitions within the cryptocurrency market set new trends daily. Today, data from Crypto Rover reported an interesting development in the market – BNB Chain has overtaken rivals, clinching the top position in weekly DEX trading volume. BNB Chain registered a DEX volume of $15 billion over the past seven days, outperforming Ethereum and Solana. This record reinforces its rising dominance in the DeFi sector.
BNB Chain shines in the DEX market
According to the data, BNB Smart Chain has emerged as the top performer in the decentralized exchange market, surpassing SOL and ETH. Over the past week, BNB Smart Chain generated the highest trading volume and fees ahead of other protocols, showcasing its robust growth.
In the previous few months, decentralized exchanges (DEXs) have recorded increased activity, which was majorly boosted by speculative activity and meme-focused tokens. Solana has been the most prominent platform for DEX activities. However, things changed significantly over the past week, as the BNB Chain overpowered Solana’s dominance.
Over the past seven days, starting from 15th– 21st March, DEXs developed on top of BNB Chain contributed more than 30% of the entire DEX market share, surpassing other blockchains and cementing BNB Chain’s status as an emerging driving force in the DeFi landscape.
The latest data from Crypto Rover shows that DEX activities on the BNB Chain have risen significantly, reaching $15 billion over the past week. Ethereum came second with a $9 billion DEX volume. The former leader, Solana, took the third position with a $7 billion DEX volume. Other prominent blockchains like Arbitrum, Base, Tron, Sui, and Hyperliquid, also gained visibility for their outstanding DEX volume, as highlighted in the data.
Why this trend emerges
The BNB Chain’s $15 billion DEX volume shows the network’s robust adoption and strong liquidity within its ecosystem. BNB’s edge emanates from its strong support from Binance, integration with zero-knowledge rollup, and liquidity incentives, all helping it lead in the DeFi market. Also, its innovation and adoption are catalysts for its driving force.
BNB Chain’s remarkable performance shows a shift in trading preferences, possibly influenced by its low transaction costs and high-speed network. Although SOL is still a powerful competitor, challenges like transaction hitches and network interruptions have hampered its development. Also, while ETH is still the undisputed leader of the decentralized finance landscape, its exorbitant trading fees influence users to look for better options.
