Ethereum

Arbitrum

Solana

DeFi

The volume of cryptocurrencies traded in decentralized exchanges dropped in August. 
According to <a href="https://defillama.com/dexs/chains" target="_blank" rel="">DeFi Llama</a>, DEX platforms handled cryptocurrency worth over $181 billion in August, down from $198 billion in July.&nbsp; 
The monthly volume of activity on DEX platforms peaked in March when they handled over $260 billion as most cryptocurrencies jumped.&nbsp; 
Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) was the most active chain for DEX platforms in August, handling over $52.5 billion. Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) and Arbitrum (<a href="https://crypto.news/price/arbitrum/" target="_blank" rel="noreferrer noopener">ARB</a>) followed, with DEX platforms processing tokens worth $42.5 billion and $22.3 billion, respectively. 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14295195"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/09/DEX.jpeg.webp"> 
 <img loading="lazy" decoding="async" width="3168" height="1015" src="https://crypto.news/app/uploads/2024/09/DEX.jpeg" alt="DEX volume"> 
 </picture> 
 <figcaption class="wp-element-caption">
 DEX monthly volume | Source: <a href="https://defillama.com/dexs" target="_blank" rel="">DeFi Llama</a>
 </figcaption>
</figure> 
Tron (<a href="https://crypto.news/price/tron/" target="_blank" rel="noreferrer noopener">TRX</a>) was the most improved chain in the DEX platforms, helped by the recently <a href="https://crypto.news/sunpump-buoys-trons-24-hour-revenue-over-ethereum/" target="_blank" rel="noreferrer noopener">launched SunPump meme coin generator</a>. SUN, the biggest DEX platform in its ecosystem, handled $3.2 billion worth of coins.&nbsp; 
 You might also like: <a href="https://crypto.news/sunpump-market-cap-reaches-268m-as-sundog-fofar-suncat-tumble/"> SunPump market cap reaches $268m as Sundog, FoFar, Suncat tumble </a> 
Uniswap was the most active DEX platform in August followed by Solana’s Raydium and BNB Chain’s PancakeSwap.&nbsp; 
Solana’s DEX volume dropped because of the performance of meme coins in the ecosystem like Bonk, Book of Meme, and Dogwifhat. Bonk has dropped by over 64% from its highest point this year while Dogwifhat and Book of Meme have slipped by more than 70% from the year-to-date high. 
<h2 class="wp-block-heading" id="binance-maintained-its-lead-among-cex-exchanges">Binance maintained its lead among CEX exchanges</h2> 
Meanwhile, Centralized Exchanges had a better performance in August. <a href="https://www.theblock.co/data/crypto-markets/spot/cryptocurrency-exchange-volume-monthly" target="_blank" rel="">Data shows</a> that these exchanges handled $1.2 trillion during the month, higher than the $1.1 trillion they processed in the previous month. Like DEX platforms, CEX exchanges’ volume peaked at $2.48 trillion in March as Bitcoin and other altcoins soared.&nbsp; 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14295196"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/09/CEX-Volume.jpeg.webp"> 
 <img loading="lazy" decoding="async" width="3329" height="791" src="https://crypto.news/app/uploads/2024/09/CEX-Volume.jpeg" alt="CEX volume"> 
 </picture> 
 <figcaption class="wp-element-caption">
 CEX exchanges monthly volume in 2024 | Source: <a href="https://www.theblock.co/data/crypto-markets/spot/cryptocurrency-exchange-volume-monthly" target="_blank" rel="">The Block</a>
 </figcaption>
</figure> 
Binance maintained its lead, handling over $448 billion followed by Bybit, Crypto.com, Huobi, and Coinbase.&nbsp; 
Additional data shows that the open interest of cryptocurrencies in the futures market fell during the month. Bitcoin’s futures interest stood at $30 billion on Aug. 31, down from the monthly high of $37 billion. 
Cryptocurrencies had another difficult month in August. Most of them initially dropped on Aug. 5 as the fear of the unwinding of the <a href="https://crypto.news/what-is-carry-trade-explained/">Japanese yen carry trade</a> pushed most assets downwards. 
While most coins bounced back from their monthly lows, they remained significantly below their highest levels this year. 
Bitcoin remains 18% below the year-to-date high while Ethereum has dropped by almost 40% below its March highs.&nbsp; 
As <a href="https://crypto.news/kaiko-heres-why-bitcoin-price-dropped-in-august/" target="_blank" rel="noreferrer noopener">we wrote on Friday</a>, some analysts cite the underperformance to the falling liquidity in the crypto market and the rising fear that some governments will start selling their coins. 
 Read more: <a href="https://crypto.news/kaiko-heres-why-bitcoin-price-dropped-in-august/"> Kaiko: Here’s why Bitcoin price dropped in August </a>

Ethereum leads Solana, Arbitrum: DEX volume falls in August

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