- BNB Chain DEXs hold 30%+ of total trading volume, surpassing Ethereum and Solana.
- PancakeSwap hit $2.7B daily volume, outpacing Uniswap as the top EVM-based DEX.
- BNB Chain’s on-chain fees topped $1.6M daily, signaling strong DeFi activity growth.
The decentralized exchanges operated on the BNB Chain have maintained dominance over the entire decentralized trading industry. Multiple DEXs running on BNB Chain achieved a trading volume that accounts for more than 30% of the decentralized market, according to data from DeFiLlama and CoinMarketCap. The platform maintains notable growth in decentralized finance (DeFi) because of its expanded market reach.
In addition to trading volume dominance, the average daily on-chain fees on BNB Chain exceeded $1.6 million starting March 17. DWF Labs, a key market maker and venture capital firm in the Web3 industry, acknowledged this surge in activity. The company also highlighted BNB Chain’s ability to attract new projects and drive engagement across various sectors.
BNB Chain Surpasses Solana and Ethereum
The smart contract platform BNB Smart Chain delivers noteworthy performance metrics that exceed both Solana and Ethereum in main areas of performance. Total value locked (TVL) on the network experienced a gain during the recent week, exceeding the growth rates of other dominant Layer-1 networks.
The leading DEX on BNB Chain PancakeSwap substantially contributed to increased trading volume. PancakeSwap’s platform recorded a daily trading volume of over $2 billion exceeding the numbers of Uniswap, which was the top decentralized exchange on Ethereum’s platform. The activity surge also directly impacted CAKE, PancakeSwap’s native cryptocurrency, which saw a more than 40% increase in value weekly change.
The network’s popularity keeps expanding because of the introduction of trending meme coins. The assets gained spotlight from both Binance’s founder, Changpeng Zhao, and its former CEO, which enhanced their appeal to potential investors.
Investment and Ecosystem Expansion Drive Growth
The BNB Smart Chain ecosystem has seen its dominance grow because of strategic developments in the network. Recent growth at DWF Ventures, the investment branch of DWF Labs, stems from their entry into three new emerging markets: decentralized science (DeSci), decentralized physical infrastructure networks (DePIN), and real-world assets (RWA). Introducing new projects within these verticals has led to immediate increases in ecosystem activity.
Further boosting the network, Binance Wallet, formerly known as Binance Web3 Wallet, announced a zero-fee trading policy for all pairs over the next six months. This initiative aims to attract more traders to the platform, potentially increasing transaction volumes and liquidity.
Binance received a $2 billion investment from the Emirati state-owned investment firm MGX. This stands as the largest individual investment into a cryptocurrency company which demonstrates strong backing for Binance and its blockchain infrastructure. Library factors with these characteristics help BNB Chain maintain its leadership status in decentralized trading markets.
