BNB Chain is surpassed by Arbitrum in daily DEX volume.

Bycryptophillia February 17, 2023June 28, 2023

What happened just now? Within the last day, DEX volume on Arbitrum surpassed BNB Chain! What protocol is responsible for this enormous growth?

Upstart Layer-2 Protocol Jumps Up Rankings

Arbitrum, a Layer-2 Ethereum solution that is growing in popularity, has achieved a notable feat by surpassing BNB Chain in terms of 24-hour volume for Decentralized Exchanges (DEXes).

Arbitrum outpaced Binance Chain, which had $410 million in DEX transactions, according to DefiLlama, which tracked the data.

Binance Chain has experienced $2.7 billion in DEX volume for the week compared to Arbitrum’s $2.1 billion. Both chains’ DEX volumes have increased over the past week, though Arbitrum’s has done so more quickly (11% versus 3% for Binance).

Protocols like Camelot (69% increase in the last week), GMX – Swap (87%) and DODO (304%) are the ones driving the DEX volume on Arbitrum.

On Binance Chain, DODO (52%), Wombat Exchange (134%), Level Finance (119%) and Ellipsis Finance (202%) are the growth leaders.

What is BNB Chain:

Previously known as the Binance Smart Chain (BSC), Binance Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of Binance Beacon Chain and Binance Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, Binance Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.