BNB Chain, the blockchain ecosystem previously associated with Binance, has shot to the top of the DEX market, overtaking Ethereum and Solana.
Over the past week, BNB Chain has been leading in trading volume and fee generation, showing strong growth despite broader market doldrums. The network exclusively discussed this milestone with BeInCrypto today.
Is BNB Chain Overtaking Solana in the DEX Market?
Decentralized exchanges have seen heightened activities in the past few months, mostly driven by meme coins and speculative trading. Solana has been by far the most popular network for DEX activities. However, in the past week, the BNB chain has threatened Solana’s dominance.
“For six consecutive days, since March 15, DEXs built on BSC have accounted for over 30% of the total DEX market share, outpacing other chains and reinforcing BNB Chain’s position in the DeFi space,” the firm claimed in an exclusive press release shared with BeInCrypto.
The network has seen several positive developments recently, such as expanding into RWA tokenization and AI integration. Yet, BNB’s success in the DEX segment has been crucial, as it shows that traders’ preferences might be shifting.
Earlier today, meme coins on BNB significantly boosted its DEX volume, helping explain where some of this dominance comes from. It seems that the network is slowly building credibility among the meme coin community.
Just yesterday, Binance opened a community vote to determine the exchange’s future token listings. The candidates in this first vote were all built on its blockchain, and some of these, such as Mubarak, are looking at huge price rallies.
Binance claimed that BNB Chain has earned more than $1.6 million in fees daily since March 17. This puts the ecosystem ahead of BTC in terms of growth rate over the last week.
This growth is more impressive because it took place despite bearish market signals.
Still, not everything is looking rosy for BNB Chain, even in the meme coin market. Earlier today, blockchain security firm SlowMist identified a critical exploit vulnerability on four.meme, a token launch pad in BNB’s ecosystem.
Some have worried that this may discourage investors from this whole category of DEXs.
However, PancakeSwap, another BNB-based DEX, is still going strong. Earlier this month, it posted $80 billion in monthly volume and credited BNB Chain’s recovery for this activity boom.
Changpeng “CZ” Zhao, former CEO of Binance, also created a meme coin rally by revealing his BNB holdings last month. All these factors signal strong market confidence.
Uphold
eToro
eToro
eToro
eToro
Plus500
Coinbase
Moonacy
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
