BNB Smart Chain DEX volume rises, briefly flips Solana

Binance’s BNB Smart Chain has seen a massive jump in decentralized exchange volume activity over the past few days, temporarily knocking out Solana.

According to data from DeFi Llama, its weekly volume increased by nearly 40% to $5.4 billion, making it the third-largest player in the industry.

It flipped Solana (SOL) for three consecutive days starting from August 21 to August 23, trading over $922 million, $1.13 billion, and $908 million respectively. It also flipped Arbitrum (ARB), the popular Ethereum layer-2 network.

BSC’s on-chain gains were short-lived as Solana outpaced BSC on August 24, with revenues of $725 million and $723 million, respectively.

A deeper look shows that PancakeSwap (CAKE) had the most volume over the past seven days, trading for over $625 million. This was followed by Dodo, Uniswap, and Woofi, which saw volume increases of 45%, 60%, and 108%, respectively.

BSC’s gains came as the Binance Coin (BNB) token surged, reaching $597.30, its highest point since July 22. At its peak, it was up almost 50% from its lowest point this month, making it one of the top ten best-performing cryptocurrencies.

One possible reason for this price action was the news that Binance founder Changpeng Zhao had moved into a halfway house ahead of his launch next month. He is serving a four-month prison sentence for violating money laundering laws.

Additional data shows that BSC’s total value locked in Decentralized Finance increased by 7.20% to $4.5 billion, making it the fourth largest player in the industry after Ethereum (ETH), Tron (TRX), and Solana with $51 billion, $8.7 billion, and $5.35 billion, respectively.

Tron’s network was another top performer, with weekly DEX volume increasing by more than 457% to $1.28 billion, helped by the popularity of new meme coins in its ecosystem. All of that volume was on Sun.io, pushing Sun Token up more than 357% from its lowest point this month.