DEX Volume Surges 70%: Ethereum, Arbitrum, Solana Lead

Ethereum, Arbitrum, and Solana led DEX growth in the past week, which reached a combined weekly volume of $63.2b.

Orca holds a Solana SOL coin in its mouth under water.
Created by Gabor Kovacs from DailyCoin
  • Ethereum sees DEX growth, with Uniswap as the largest exchange. 
  • Solana records the biggest weekly surge among the top three. 
  • Solana’s Orca exchange emerges as the second biggest DEX by volume. 

The cryptocurrency market is experiencing a significant bull run, marked by Bitcoin achieving an all-time high (ATH) market cap at $68,000 per coin. 

Amidst this bullish backdrop, decentralized exchanges (DEXs) are witnessing unprecedented volumes, driven by leading platforms such as Ethereum, Arbitrum, and Solana. 

Surging DEX Volumes Amid Crypto Bull Market

During a week marked by Bitcoin’s unprecedented rally to a new ATH, the decentralized exchange (DEX) market saw a remarkable surge in activity. Data on Thursday, March 8, reveals a total DEX volume of $12.358 billion over 24 hours, culminating in a weekly volume of $63.2 billion. 

DEX volume chart.
Source: DeFiLlama

This represents a staggering weekly increase of 70.96%, signaling a significant uptick in DeFi participation and interest amid the broader crypto bull market. Notably, DEXs now command a 38.45% share of the total exchange market, underscoring a shift towards decentralized trading platforms.

Sponsored

Ethereum, the cornerstone of the DeFi ecosystem, continues to lead the charge, contributing $20.783 billion to the weekly DEX volume, a 54.70% increase from the previous week. Emerging platforms Arbitrum and Solana have also experienced significant growth, with weekly volume increases of 86.08% and 152%, respectively. Arbitrum’s trading volume reached $8.398 billion, while Solana’s soared to $14.928 billion. 

Table with data from top five chains.
Source: DeFiLlama

In fact, on Monday, Solana briefly topped Ethereum in terms of total volume on its network. This coincided with surging interest in Solana-based memecoins, and surging volumes on Solana DEXs. 

Uniswap Dominates, Solana’s Orca Gets to Second Place

Uniswap still dominates the DEX market, seeing a significant weekly change of +50.22%, reaching a 24-hour volume of $1.46 billion and a weekly total of $21.443 billion. Solana-based Orca and Raydium saw astounding growth, 122%, and 178% respectively. The surge propelled Orca to second place by volume. 

Table with data from top five DEXs.
Source: DeFiLlama

Popular PancakeSwap and Curve Finance also saw significant growth, albeit still in double digits. The uptick in DEX volume demonstrates that decentralized exchanges are prepared to take advantage of increased investor interest in crypto, fuelled by the bull market. 

On the Flipside

  • Large volumes on Solana-based exchanges are not reflected in their total value locked (TVL), which remains much lower than Ethereum’s. 
  • Low fees on alternative chains like Solana and Arbitrum promote higher trade volumes, which could.

Why This Matters

The surge in DEX volumes amid Bitcoin’s record high illuminates decentralized finance’s critical role in the broader ecosystem. It shows that DEXs are prepared to exploit growing investor interest in crypto.

Read more about Solana’s DEX volume surge: 

Can Solana Ecosystem Overtake Ethereum as Memecoins Surge?

Read more about Bitget’s growth amid the crypto boom: 

Bitget Grows to 25M Users, Sign of Booming Crypto Markets

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.