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.
Find more about BNB Chain here:
Source : bsc.news
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