BNB Chain Emerges as Victorious Giant, Surpassing Ethereum and Solana in Trading Volume

BNB Chain Shows Its Mettle

What's up with BNB Chain? It's been keeping quiet, but it's quietly beaten both Ethereum and Solana in terms of trading volume.

Outpacing the Titans

On March 24th, BNB Chain, the Layer 1 blockchain backed by Binance, recorded a daily trading volume of over $2.2 billion. That's a quarter of the total volume on decentralized exchanges tracked by DeFillama. It's the first time since May 2023 that BNB Chain has surpassed Ethereum and Solana, who've been duking it out for the top spot amidst the Solana memecoin mania.

PancakeSwap Reigns Supreme

PancakeSwap, the veteran decentralized exchange, continues to dominate trading activity on BNB Chain. It processed over $1.3 billion worth of trades in the last 24 hours across its V2 and V3 platforms.

Top Tokens

The top tokens traded on PancakeSwap include the USDT stablecoin, BNB, the native token, VENOM (a new Layer 1), and Cat in a Dog's World (MEW), a memecoin.

BNB's Recovery

This surge in activity comes after BNB more than doubled its market capitalization since Binance's multi-billion dollar settlement with the SEC in November.

Bitcoin's Bounce-Back

Crypto markets are riding high on positive momentum, with Bitcoin hitting an intraday high of $71,420. It's up 8% in the past seven days.

Ether's Comeback

Ether briefly traded above $3,600 for the first time since March 18th. It's currently changing hands for $3,580.

Altcoins on the Rise

Layer 1 blockchains Aptos (APT) and Internet Computer (ICP) are up 15%, and Solana-based memecoin DogWifHat has surged 16%.