BNB Smart Chain Briefly Tops Solana as DEX Volume Rises Significantly

• BNB Smart Chain’s weekly DEX volume surged by nearly 40%, briefly surpassing Solana and becoming the third-largest player in the industry.
• PancakeSwap led the volume increase on BNB Smart Chain, with other platforms like Dodo, Uniswap, and Woofi also seeing significant growth.
• Tron’s network saw a 457% increase in weekly DEX volume, driven by the popularity of new meme coins on its platform.

BNB Smart Chain has witnessed a notable rise in decentralized exchange (DEX) volume, briefly surpassing Solana’s activity. According to DeFi Llama, BNB Smart Chain’s weekly DEX volume jumped nearly 40% to reach $5.4 billion, positioning it as the third-largest player in the industry.

Short-Lived Dominance Over Solana

The surge allowed BNB Smart Chain to outpace Solana for three consecutive days, from August 21 to August 23, with daily volumes of $922 million, $1.13 billion, and $908 million, respectively. The chain also surpassed Arbitrum, another significant player in the decentralized finance (DeFi) space. However, this dominance was brief as Solana regained its position on August 24, with the two networks recording close volumes of $725 million and $723 million, respectively.

PancakeSwap emerged as the leading DEX on BNB Smart Chain, handling over $625 million in the past week. Other notable platforms on the network, such as Dodo, Uniswap, and Woofi, also saw significant increases in activity, with volume growths of 45%, 60%, and 108%, respectively. This spike in activity coincided with a rally in the Binance Coin (BNB) price, which climbed to a high of $597.30, marking a 50% increase from its lowest point earlier in the month.

BNB Price Rally Fuels Network Activity

The BNB price rally, which reached its highest level since July 22, is likely linked to news surrounding Binance’s founder, Changpeng Zhao. Zhao was recently moved to a halfway house ahead of his release next month, following a four-month sentence for violating anti-money laundering laws. This development likely contributed to the increased activity on BNB Smart Chain.

Tron Network Also Records Gains

Meanwhile, Tron’s network experienced a remarkable 457% increase in weekly DEX volume, reaching $1.28 billion. This surge was largely driven by the popularity of new meme coins within its ecosystem, with Sun.io accounting for all the volume. Sun Token, associated with this platform, saw a 357% increase from its lowest point this month.