all41author The Layer-2 scaling solution Arbitrum has overtaken Ethereum in terms of decentralized exchange (DEX) volume.
The latest figures indicate that Arbitrum’s 24-hour trading volume has reached $1.83 billion, a significant 32.58% weekly increase.
This surge has propelled Arbitrum to command 33.40% of the total DEX volume, topping the chart and dethroning Ethereum, which saw a 4.77% decrease in its 24-hour volume to $1.444 billion.
The decentralized finance (DeFi) sector is witnessing a remarkable shift as Arbitrum leads the pack with a weekly change of 32.58% in trading volume, marking a dominant presence in the DEX space.
Ethereum, the longstanding leader, has experienced a decrease in its 24-hour trading volume. However, it still maintains a substantial total value locked (TVL) of $5.96 billion, accounting for 26.29% of the total DEX market.
Meanwhile, Solana and Binance Smart Chain (BSC) have seen varying degrees of changes in their trading volumes, with the former experiencing a steep decline of 51.26% in its 24-hour volume.
BSC’s volume slightly dipped by 0.83%, while Polygon faced a significant drop of 34.53%.
A monthly dominance chart provided by DefiLlama paints a clear picture of the changing tides in the DEX ecosystem. Ethereum, which once towered over the market, has seen its dominance reduced to 28.7% as of January.
The challenger, Arbitrum, now holds 24.25% of the market, a testament to its growing influence. Solana, BSC and Polygon follow with 13.83%, 12.15% and 3.76%, respectively.
Smaller players like Thorchain, Avalanche, Optimism, zkSync Era and Mantle together with other minor protocols contribute to the remaining share.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
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