DEX Trading Volumes on BNB Chain Flip Ethereum and Solana

As the rivalry between the Ethereum and Solana communities heats up, BNB Chain quietly beat both in terms of trading volume.

Daily trading volume on BNB Chain, the Layer 1 blockchain backed by Binance, surpassed $2.2 billion on March 24, accounting for over a quarter of the total volume on decentralized exchanges tracked by DeFillama.

That puts it ahead of Ethereum and Solana, which have been battling for the top spot amid the ongoing memecoin mania on the latter, for the first time since May 2023.

Veteran decentralized exchange PancakeSwap continues to dominate trading activity on BNB Chain, processing over $1.3 billion worth of trades in the last 24 hours across its V2 and V3 iterations.

Top tokens include the USDT stablecoin, BNB, the network’s native token, VENOM, a recently launched Layer 1, and a memecoin called Cat in a Dog’s World (MEW).

The rising activity comes after BNB has more than doubled its market capitalization since Binance agreed to a multi-billion dollar settlement with the SEC in November.

Bitcoin Reclaims $70,000

Crypto markets continue to build on last week’s positive momentum, with Bitcoin hitting an intraday high of $71,420. The world’s most valuable cryptocurrency is up 8% in the past seven days.

Meanwhile, Ether briefly traded above $3,600 for the first time since March 18 and is currently changing hands for $3,580.

Today’s big movers include Layer 1 blockchains Aptos (APT) and Internet Computer (ICP), which are up 15%, along with Solana-based memecoin DogWifHat, which has surged 16%.