Binance’s BNB Smart Chain (BSC) has experienced a significant surge in decentralized exchange (DEX) activity recently, briefly surpassing Solana in weekly trading volume. According to DeFi Llama, BSC’s weekly DEX volume jumped nearly 40% to $5.4 billion, positioning it as the third-largest player in the sector.
Between August 21 and August 23, BSC consistently outperformed Solana, recording daily volumes of over $922 million, $1.13 billion, and $908 million. It also eclipsed Arbitrum, a prominent Ethereum layer-2 network, during this period. However, this dominance was short-lived, as Solana reclaimed its position on August 24, with volumes of $725 million compared to BSC’s $723 million.
Notably, PancakeSwap led the volume chart over the past week, managing more than $625 million. It was followed by Dodo, Uniswap, and Woofi, which saw volume increases of 45%, 60%, and 108%, respectively.
BSC’s recent performance coincided with a rally in Binance Coin (BNB), which reached a peak of $597.30, the highest since July 22. This surge marked a nearly 50% increase from its lowest point earlier this month, making BNB one of the top-performing cryptocurrencies.
The price movement follows news that Changpeng Zhao, Binance’s founder, was transferred to a halfway house in anticipation of his release next month. Zhao is currently serving a four-month sentence for violations of anti-money laundering laws.
In addition, BSC’s total value locked (TVL) in decentralized finance (DeFi) grew by 7.20% to $4.5 billion, making it the fourth-largest DeFi player behind Ethereum, Tron, and Solana, which hold $51 billion, $8.7 billion, and $5.35 billion, respectively.
Tron also saw a notable performance, with its weekly DEX volume skyrocketing by over 457% to $1.28 billion, driven by the rise of new meme coins in its ecosystem. This surge in Tron’s volume was concentrated in Sun.io, where the Sun Token has surged by over 357% from its recent low.
Related Topics:
