Arbitrum Surges Past Ethereum, Dominates DEX Trading Landscape
Arbitrum, a Layer-2 solution, has surged ahead in the decentralized exchange (DEX) realm, overshadowing Ethereum in trading volumes.
Over the past week, its 24-hour trading volume catapulted to $1.83 billion, marking an impressive 32.58% increase. This sudden ascent has positioned Arbitrum at the forefront, commanding 33.40% of the entire DEX volume, edging out Ethereum. Meanwhile, Ethereum witnessed a 4.77% dip in its 24-hour volume, settling at $1.444 billion.
The landscape of decentralized finance (DeFi) is undergoing a seismic shift as Arbitrum takes the lead, showcasing a robust 32.58% weekly growth in trading volume. Despite Ethereum’s decline in trading volume, it still boasts a substantial total value locked (TVL) of $5.96 billion, claiming a 26.29% share of the overall DEX market.
In the midst of these transformations, Solana and Binance Smart Chain (BSC) experienced fluctuations in their trading volumes. Solana saw a sharp 51.26% decline, BSC’s volume slightly dipped by 0.83%, and Polygon faced a significant drop of 34.53%.
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The dynamics of DEX dominance are clearly shifting, which is evident in a monthly dominance chart from DefiLlama. Ethereum’s once towering dominance now stands at 28.7% as of January, while Arbitrum swiftly secured a 24.25% share, signaling its escalating influence. Behind them are Solana, BSC, and Polygon.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
