CandleFocus Ethereum Remains Dominant DEX Chain Despite Dominance Dip: CoinGecko
2024-10-16
Author: Content Editor
According to the CoinGecko Q3 crypto industry report, Ethereum's dominance in decentralized exchange (DEX) trading is decreasing. Ethereum's market share consistently fell below 40% during the quarter, and its trading volume trended downward. Other chains like Solana and Base are gaining popularity in the DEX space, primarily driven by degens minting meme coins. Solana ended September with a 22% market share and $21.5 billion in volume, while Base grew its market share by 31.4% and overtook Arbitrum. Tron also entered the top ten, capturing 2% of the market share with $1.7 billion in volume in September. Despite the decline in market dominance, the Ethereum ecosystem saw significant growth in layer-2 scaling solutions, with total transactions across the top 10 L2s increasing by 17.2% in Q3. This indicates a shift in user activity towards more scalable L2 solutions. While there have been concerns and criticism regarding Ethereum's future, some, like BlackRock CEO Larry Fink, still see growth potential in the network.
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