Top 10 Blockchains by Trading Volume in March 2024

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The blockchain landscape is evolving rapidly, with shifting dominance in decentralized exchange (DEX) trading volume across major networks. As of March 2024, Ethereum remains the largest blockchain by trading volume, but emerging competitors like Solana and Arbitrum are closing the gap quickly. This analysis dives into the latest data from CoinGecko to uncover trends, growth patterns, and key drivers behind the top 10 blockchains by DEX trading volume.

Ethereum Leads Amid Declining Dominance

Ethereum continues to hold the top spot in DEX trading volume, capturing 37.1% of total activity in March 2024. That month alone, Ethereum processed **$69.67 billion** in trading volume—an impressive 92.4% increase from February’s $36.22 billion.

Despite maintaining its leadership position, Ethereum’s market share is showing signs of erosion. In Q1 2024, Ethereum accounted for 33.4% of all DEX volume, totaling $144.2 billion across the quarter. While this reflects a 46.8% quarterly growth, it also marks a historic low in dominance, dropping below 40% for the first time.

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This decline isn't due to stagnation but rather the explosive growth of alternative Layer 1 and Layer 2 networks that are attracting liquidity and users with lower fees and faster transactions.

Solana Surges with 244.8% Monthly Growth

Solana ranks second in DEX trading volume, capturing 21.3% of the market in March 2024 with **$40.005 billion** in volume—up an astonishing **244.8%** from February’s $11.61 billion.

In Q1 2024, Solana’s total trading volume reached $62.31 billion**, representing a massive **242.7% quarter-over-quarter growth** from Q4 2023’s $18.18 billion. Its market share rose from 8.7% in Q4 to 14.4% in Q1**, moving it firmly into second place among high-performance blockchains.

Several factors fueled Solana’s surge:

One standout was Book of Meme (BOME), launched in March 2024, which reached a $1 billion market cap within two days and quickly listed on major exchanges like Binance and Bybit.

BNB Chain Holds Steady at Number Three

BNB Chain (BSC) secured third place with 15.1% market share in March 2024 and **$28.47 billion** in trading volume—a **161.1% increase** from February’s $10.09 billion.

While BSC didn’t see the same hypergrowth as Solana or Arbitrum, its consistent performance reflects strong ecosystem maturity and broad adoption across decentralized applications (dApps), yield farms, and cross-chain bridges.

Its stable infrastructure and low transaction costs continue to attract retail traders and automated market makers alike.

Arbitrum Briefly Overtakes Ethereum

In a surprising shift, Arbitrum surpassed Ethereum in DEX trading volume during January and February 2024.

This temporary leadership was largely driven by the STIP (Season Three Incentive Program) reward initiative, which incentivized traders and liquidity providers across major DEXs such as Uniswap, PancakeSwap, Trader Joe, and Camelot.

However, once incentives ended, trading activity dropped sharply. In March, Arbitrum’s volume fell to $15.79 billion, reducing its market share to 8.4%—matching its overall Q1 average.

This highlights a growing trend: while incentive programs can drive rapid adoption, long-term sustainability depends on organic user engagement and real utility.

Base Emerges as Q1’s Fastest-Growing Chain

Base stood out as the fastest-growing blockchain in Q1 2024, achieving a staggering 434.8% quarter-over-quarter growth in trading volume.

Most of Base’s activity occurred in March, where it recorded $4.47 billion—accounting for 77.8% of its quarterly volume.

The surge was primarily driven by the rise of meme coins, particularly around the Degen (DEGEN) token ecosystem. As a Coinbase-backed Layer 2 on Ethereum, Base benefits from brand recognition, seamless onboarding via fiat ramps, and growing community-driven projects.

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Remaining Top 10 Chains: Niche Players With Growing Influence

The remaining blockchains each hold less than 10% of the market but play increasingly important roles in the decentralized finance (DeFi) ecosystem:

While smaller in volume, these networks are innovating in areas like cross-chain swaps (THORChain), enterprise-grade scalability (Polygon), and zero-knowledge proof technology (zkSync).

Key Trends Shaping Blockchain Trading Volume

Several macro-level trends are influencing where trading volume is flowing:

🚀 Meme Coin Mania Drives Short-Term Spikes

Meme coins like BOME and DEGEN have proven capable of generating massive short-term volume surges on specific chains—especially Solana and Base.

💡 Incentive Programs Boost Adoption—but Are Not Sustainable Alone

As seen with Arbitrum’s STIP program, rewards can temporarily boost volume but may not ensure long-term retention without ongoing innovation.

⚡ Layer 2 Solutions Gain Momentum

Ethereum Layer 2s like Arbitrum, Optimism, and Base are capturing increasing shares of DEX volume thanks to lower fees and faster settlement times—without sacrificing security.

🔗 Interoperability Matters

Chains that support easy asset bridging and cross-chain communication tend to attract more liquidity and traders.

Frequently Asked Questions (FAQ)

What determines a blockchain’s DEX trading volume?

DEX trading volume measures the total value of trades executed on decentralized exchanges built on a specific blockchain network. It reflects user activity, liquidity depth, and ecosystem health.

Why is Ethereum’s market share decreasing?

Although Ethereum remains the largest blockchain by volume, its relative share is declining due to rapid growth on competing Layer 1s (like Solana) and Layer 2 scaling solutions (like Arbitrum and Base) that offer cheaper and faster transactions.

Is high trading volume a sign of a healthy blockchain?

Generally yes—but context matters. Organic growth driven by real usage indicates strength, while volume spikes caused solely by short-lived incentives or speculative meme coins may not be sustainable.

Which blockchain had the highest growth rate in Q1 2024?

Base led all networks with a 434.8% quarter-over-quarter increase in DEX trading volume, fueled by meme coin activity and strong retail adoption.

How does Solana compete with Ethereum?

Solana competes through ultra-fast transaction speeds (up to 65,000 TPS), low fees (averaging less than $0.01), and a vibrant developer community focused on DeFi and NFTs.

Are incentive programs effective for blockchain growth?

They can be highly effective for jumpstarting adoption—as shown by Arbitrum—but long-term success requires transitioning from incentive-driven activity to organic usage supported by strong dApps and user experience.

Final Thoughts: A More Decentralized Future for DEX Volume

The data from March 2024 reveals a clear trend: blockchain dominance is fragmenting. No longer is Ethereum the uncontested leader; instead, we’re seeing a multi-chain reality where different networks excel based on speed, cost, incentives, or community momentum.

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As users become more sophisticated and demand better experiences, expect continued innovation across Layer 1s and Layer 2s—and even greater competition for DEX market share in the months ahead.

Core Keywords: blockchain trading volume, DEX trading volume, Ethereum, Solana, Arbitrum, Base blockchain, BNB Chain, meme coin trading