Discover the top blockchains by DEX trading volume in August
— Coin98 Analytics (@Coin98Analytics) September 11, 2024
Ethereum leads the pack with approximately $50B in trading volume, followed by Solana, Arbitrum, BNB, and Base! pic.twitter.com/1zSzAitHLy
Bitcoin(BTC)
$62,958.13
+4.25%
Solana(SOL)
$142.97
+8.75%
Ethereum(ETH)
$2,466.00
+5.35%
Toncoin(TON)
$5.70
+1.24%
Enjin Coin(ENJ)
$0.15
+5.58%
Zebec Network(ZBCN)
$0.00
-1.80%
Casper(CSPR)
$0.01
+3.82%
Fantom(FTM)
$0.63
-3.22%
Kadena(KDA)
$0.64
-3.97%
Xai(XAI)
$0.20
+8.12%
Artificial Superintelligence Alliance(FET)
$1.49
+7.32%
ZetaChain(ZETA)
$0.68
-1.25%
Big Time(BIGTIME)
$0.15
+4.04%
Reef(REEF)
$0.00
+36.62%
Polygon(MATIC)
$0.40
+3.91%
Manta Network(MANTA)
$0.75
+5.65%
Dogecoin(DOGE)
$0.11
+3.30%
Conflux(CFX)
$0.15
+3.34%
Cardano(ADA)
$0.35
+4.31%
USDC(USDC)
$1.00
0.00%
Bitcoin(BTC)
$62,958.13
+4.25%
Solana(SOL)
$142.97
+8.75%
Ethereum(ETH)
$2,466.00
+5.35%
Toncoin(TON)
$5.70
+1.24%
Enjin Coin(ENJ)
$0.15
+5.58%
Zebec Network(ZBCN)
$0.00
-1.80%
Casper(CSPR)
$0.01
+3.82%
Fantom(FTM)
$0.63
-3.22%
Kadena(KDA)
$0.64
-3.97%
Xai(XAI)
$0.20
+8.12%
Artificial Superintelligence Alliance(FET)
$1.49
+7.32%
ZetaChain(ZETA)
$0.68
-1.25%
Big Time(BIGTIME)
$0.15
+4.04%
Reef(REEF)
$0.00
+36.62%
Polygon(MATIC)
$0.40
+3.91%
Manta Network(MANTA)
$0.75
+5.65%
Dogecoin(DOGE)
$0.11
+3.30%
Conflux(CFX)
$0.15
+3.34%
Cardano(ADA)
$0.35
+4.31%
USDC(USDC)
$1.00
0.00%
Crypto Transaction Volume On DEXs: Ethereum Leads The Pack
By
Cointribune EN
6 days ago
ETH
2024
2024
C98
DEX
Despite the general enthusiasm around cryptocurrencies, August 2024 was marked by a slight decline in transaction volumes on DEXs. However, some blockchains managed to stand out. Ethereum, in particular, posted exceptional results.
Crypto market: Ethereum dominates in trading volume
In August 2024, Ethereum processed a record volume of crypto transactions. It far outpaces its direct competitors Solana, Arbitrum, BNB, and Base.
Several factors account for this success. Here are a few:
- Ethereum is a thriving DeFi ecosystem hosting the largest number of decentralized finance applications.
- The depth of liquidity pools on Ethereum allows for large crypto transactions to be executed without significantly impacting prices.
- The concentration of volumes on the largest DEXs (Uniswap, PancakeSwap, and Orca), all built on the Ethereum blockchain.
The Ethereum blockchain has also proven itself in terms of security. This reassures users and financial institutions looking to invest in cryptocurrencies.
The rise of stablecoins: a growth catalyst
Stablecoins play a crucial role in the growth of crypto transaction volumes on Ethereum. By reducing exposure to the volatility of speculative crypto assets, they facilitate trade. But that’s not all! They also attract new investors.
DAI, one of the main algorithmic stablecoins, saw its transaction volume explode due to the growing interest in DeFi. USDT and USDC, the two other major stable cryptocurrencies, also contributed to this dynamic.
Once again, Ethereum thus confirms its position as the undisputed leader in the crypto sector. Its thriving ecosystem and liquidity make it the platform of choice for crypto investors. Its recent performance also demonstrates its resilience and ability to stand out even in a more challenging market context.
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