Binance’s BNB Smart Chain saw a significant rise in Decentralized Exchange volume activity, surpassing Solana for three consecutive days. This surge occurred from Aug. 21 through Aug. 23, driven by a 40% weekly volume increase to $5.4 billion.
Data by DeFi Llama shows BNB Smart Chain’s rise made it the third-largest in the industry. It managed over $922 million, $1.13 billion, and $908 million, respectively.
This also outperformed Arbitrum, an Ethereum layer-2 network. However, Solana regained its position on Aug. 24, with volumes of $725 million and $723 million for BNB and Solana.
In-depth analysis reveals PancakeSwap (CAKE) led the volume charts, handling over $625 million. It was followed by Dodo, Uniswap, and Woofi, with volumes rising by 45%, 60%, and 108% respectively.
Binance’s BNB Smart Chain has seen a big jump in Decentralized Exchange volume activity in the past few days, temporarily flipping Solana.
BNB Smart Chain’s activity spike coincided with Binance Coin (BNB) rising to $597.30, its highest since July 22. The BNB token’s value surged almost 50% from its lowest point this month, ranking among the top ten cryptocurrencies.
Changpeng Zhao, Binance’s founder, being moved to a halfway house also likely influenced BNB’s surge. Zhao is serving a four-month sentence for anti-money laundering violations.
Additional data shows BNB Smart Chain’s total value locked in Decentralized Finance rose by 7.20% to $4.5 billion. This positions it as the fourth-largest player in the industry after Ethereum, Tron, and Solana.
Tron’s network also performed well, with a 457% weekly DEX volume increase to $1.28 billion. This was driven by the popularity of new meme coins, particularly in Sun.io, whose Sun Token surged over 357%.
