- 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.
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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.
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.
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.
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.
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:
