CoinGecko analysts have identified Ethereum as the top cryptocurrency in terms of trading volumes for decentralized exchanges in March.

Ethereum dominated decentralized exchanges (DEX) with a market share of 37.1%, experiencing a significant increase in trading volume of 92.4% to reach $69.67 billion last month. Following Ethereum, the Solana blockchain ranked second with a market share of 21.3% and the highest growth rate of 244.8%, reaching $40 billion.

BNB Smart Chain secured the third spot, representing 15.1% of the total trading volume across all DEXs. In March, its trading volume surged to $28.5 billion, marking a monthly growth of 161.1%. The blockchain concluded the reporting period with $10.9 billion.

Experts observed that Ethereum’s market share declined significantly in the first quarter of 2024, dropping to 33.4% as Solana and Arbitrum strengthened their positions. In comparison, Ethereum held a market share of 46.8% in the fourth quarter of 2023.

Trading volume within the network continues to rise, with a 46.8% increase in the first quarter of 2024 according to CoinGecko. Solana leads the growth trajectory, with its trade turnover soaring from $18.18 billion to $62.31 billion, marking a quarterly increase of 242.7%.

In March, Solana-based DEXs accounted for approximately half of the daily trading volume in the market. Jupiter emerged as the segment leader with $2.66 billion, followed by Raydium with $2.4 billion. The heightened interest in the Solana blockchain coincided with the surge in meme coins.

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