Recently, there was a significant increase in Decentralized Exchange (DEX) activity on the BNB Smart Chain (BSC), which quickly surpassed Solana’s trading volume. DeFi Llama says that BSC’s weekly volume rose by almost 40%, hitting $5.4 billion. This made it the third-biggest player in the market.
Between August 21 and August 23, BSC did better than Solana three days in a row, handling $922 million, $1.13 billion, and $908 million in DEX trades. During this time, BSC also moved faster than Arbitrum, which is a famous Ethereum layer-2 network.
BSC Lead Briefly Falters
But BSC’s lead didn’t last long; on August 24, Solana took back the top spot, with $725 million and $723 million handled by each network. After a careful study, it was found that PancakeSwap added the most to BSC’s traffic, with over $625 million in transactions in the last week.
Dodo, Uniswap, and Woofi were some of the other sites that stood out. Their volume increased by 45%, 60%, and 108%, respectively.Binance Coin (BNB) went up and hit a high point of $597.30, its best level since July 22. At the same time, BSC’s DEX activity went up. Since the beginning of the month, BNB’s price has gone up by almost 50%, making it one of the ten best-performing cryptocurrency.
It’s possible that news that Binance founder Changpeng Zhao was moved to a halfway house before his release next month after serving a four-month sentence for breaking laws against money laundering had an effect on the price change.The total value locked (TVL) of BNB Smart Chain in Decentralized Finance (DeFi) went up by 7.2% to $4.5 billion, making it the fourth-largest DeFi network, after Ethereum, Tron, and Solana.
A huge 457% rise in weekly DEX volume to $1.28 billion was seen on Tron’s network. This was due to the success of new meme coins in its ecosystem, especially Sun.io, where Sun Token has gone up over 357% from its monthly low.
