ARB

Arbitrum Surpasses BNB Chain in Daily DEX Volume

by BSCN

February 17, 2023

What just happened? DEX volume on Arbitrum surged past BNB Chain in the past 24 hours! What protocol are driving this massive growth?

Upstart Layer-2 Protocol Jumps Up Rankings

Increasingly popular Layer-2 Ethereum solution Arbitrum has recorded a significant achievement, surpassing BNB Chain in terms of 24-hour volume for Decentralized Exchanges (DEXes).

According to DefiLlama, Arbitrum recorded nearly $440 million in DEX transactions in the past day, surging past BNB Chain with $410 million.

For the week, BNB Chain has seen $2.7 billion in DEX volume compared to Arbitrum at $2.1 billion. The DEX volume on both chains has increased in the past week, although Arbitrum’s has increased faster, at 11% compared to BNB’s 3%.

Driving the DEX volume on Arbitrum are protocols including Camelot (69% increase in the past week), GMX - Swap (87%) and DODO (304%).

On BNB Chain, growth leaders include DODO (52%), Wombat Exchange (134%), Level Finance (119%) and Ellipsis Finance (202%).

What is BNB Chain:

Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.