Solana

Token

DeFi

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 <a href="https://defillama.com/dexs/chains" target="_blank" rel="">DeFi Llama</a> 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 (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) 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 (<a href="https://crypto.news/price/arbitrum/" target="_blank" rel="noreferrer noopener">ARB</a>), the popular Ethereum layer-2 network.&nbsp; 
BSC’s chain gains were short-lived as Solana overtook it on Aug. 24, when the two-handled $725 million and $723 million, respectively.&nbsp; 
A deeper dive shows that PancakeSwap (<a href="https://crypto.news/price/pancakeswap/" target="_blank" rel="noreferrer noopener">CAKE</a>) 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. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 DEX volume on <a href="https://twitter.com/hashtag/BSC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#BSC</a> has surpassed <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Solana</a> for three consecutive days (Aug 21, 22, 23), ranking second only to <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Ethereum</a>. <a href="https://t.co/CawEMi3TTo" target="_blank" rel="">pic.twitter.com/CawEMi3TTo</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1827567762312728928?ref_src=twsrc%5Etfw" target="_blank" rel="">August 25, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
BSC’s gains coincide with a Binance Coin (<a href="https://crypto.news/price/bnb/" target="_blank" rel="noreferrer noopener">BNB</a>) token rally. BNB reached 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.&nbsp; 
A likely reason for this price action was news that Changpeng Zhao, Binance’s founder was moved to a halfway house before next month’s release. 
He is serving a four-month sentence for violating anti-money laundering laws.&nbsp; 
 You might also like: <a href="https://crypto.news/binance-founder-cz-moved-to-halfway-house-remains-in-custody/"> Binance founder CZ moved to halfway house, remains in custody </a> 
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 (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/">ETH</a>), Tron (<a href="https://crypto.news/price/tron/" data-type="link" data-id="https://crypto.news/price/tron/">TRX</a>), 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 <a href="https://crypto.news/sun-token-and-bittorrent-soar-as-justin-suns-cryptos-jump/" target="_blank" rel="noreferrer noopener">new meme coins in its ecosystem</a>. 
All of this volume was in Sun.io, whose Sun Token has surged by over 357% from its lowest point this month. 
 You might also like: <a href="https://crypto.news/sun-token-pump-gains-speed-but-a-reversal-might-be-near/"> Sun Token pump gains speed but a reversal might be near </a>

BNB Smart Chain DEX volume rises, briefly flips Solana

crypto.news

Other articles published on Aug 25, 2024

Crypto: Cardano’s Chang Hard Fork Postponed again – The Reasons Hehind this Decision

Investors Eye A New Whitelist Coin as MATIC, XRP Make Bold Moves

OpenAI former researchers criticize company’s opposition to California AI bill

Shiba Inu 1.28 Trillion in 24 Hours: SHIB Is Back?

Harga BTC Jadi US$100.000? Prediksi Bitcoin Jika Trump Menang Pemilu

Toncoin Drops 18%, Notcoin Tumbles Following Arrest Of Telegram CEO Pavel Durov

Join our free newsletter for daily crypto updates!