Binance’s BNB Smart Chain has seen a big jump in Decentralized Exchange volume activity in the past few days, temporarily flipping Solana.
Data by DeFi Llama shows that its weekly volume rose by almost 40% to $5.4 billion, making it the third-biggest player in the industry.
It flipped Solana (SOL) for three consecutive days, starting from Aug. 21 through Aug. 23 when it handled over $922 million, $1.13 billion, and $908 million, respectively. It has also flipped Arbitrum (ARB), the popular Ethereum layer-2 network.
BSC’s chain gains were short-lived as Solana overtook it on Aug. 24, when the two-handled $725 million and $723 million, respectively.
A deeper dive shows that PancakeSwap (CAKE) had the most volume in the last seven days, handling over $625 million. It was followed by Dodo, Uniswap, and Woofi, whose volume rose by 45%, 60%, and 108%, respectively.
DEX volume on #BSC has surpassed #Solana for three consecutive days (Aug 21, 22, 23), ranking second only to #Ethereum. pic.twitter.com/CawEMi3TTo
— Lookonchain (@lookonchain) August 25, 2024
BSC’s gains happened as the Binance Coin (BNB) token rallied, reaching a high of $597.30, its highest point since July 22. At its highest point, it was up by almost 50% from its lowest point this month, making it one of the top-performing top-ten cryptocurrencies.
A likely reason for this price action was news that Changpeng Zhao, Binance’s founder was moved to a halfway house ahead of its next month’s release. He is serving a four-month sentence for violating anti-money laundering laws.
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Additional data shows that BSC’s total value locked in Decentralized Finance rose by 7.20% to $4.5 billion, making it the fourth-biggest player in the industry after Ethereum (ETH), Tron (TRX), and Solana, which have $51 billion, $8.7 billion, and $5.35 billion, respectively.
Tron’s network was another top performer as its weekly DEX volume jumped by over 457% to $1.28 billion, helped by the popularity of new meme coins in its ecosystem. All of this volume was in Sun.io, whose Sun Token has surged by over 357% from its lowest point this month.
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