# BSC Reclaims Top Spot with 57.56% Surge in DEX Market

In a surprising turnaround, Binance Smart Chain (BSC) has recaptured the number one position in the decentralized exchange (DEX) market, displaying a robust rebound. BSC recorded a 57.56% increase in trading volume compared to the previous week, widening the gap with competing networks. In stark contrast, most major blockchain networks experienced a sharp decline in trading volumes.

# BSC Surges 57.56%, Retakes Throne

According to DeFi Llama, during the period from March 15 to 21, BSC achieved a trading volume of $13.566 billion, securing the top position in the DEX market. This marks a 57.56% weekly increase, indicating a noteworthy upward trend despite a general market downturn.

BSC’s share of the total DEX market now stands at 27.38%, surpassing Ethereum’s 22.40%. Although BSC’s total value locked (TVL) is $1.719 billion, which is relatively low compared to its trading volume, the network’s transaction activity appears to have surged significantly. The recent activation of DeFi projects within the BSC ecosystem, coupled with the advantages of faster transaction speeds and lower fees, has gained renewed attention.

# Binance Alpha Listing of Mubarak and TUT Contributes to Surge

Analysts attribute the spike in BSC’s trading volume to the expansion of the Binance ecosystem. Recently, Binance Alpha listed the meme coin ‘Mubarak (MUBARAK),’ which generated significant trading activity. At one point, MUBARAK’s market cap soared to $52 million, with daily trading volumes reaching $46.9 million, reflecting strong investor interest. This new listing is believed to have significantly contributed to the BSC network’s activation.

Binance’s native token, BNB, has also shown strength, supporting BSC’s growth. Recently, BNB’s price increased by 18%, trading at $630.85, with a daily high of $640.42. This performance outpaced both Solana and Ethereum. The price surge in BNB is closely tied to the increase in liquidity within the BSC ecosystem and has had a positive impact on the growth of major DEXs like PancakeSwap.

# Ethereum and Major Networks Suffer Sharp Declines

In contrast, Ethereum (ETH)-based DEX trading volume plummeted by 49.35% to $9.832 billion, taking a significant hit. Solana (SOL) also experienced a 35.86% decline, recording a trading volume of $8.723 billion. Layer 2 networks such as Arbitrum and Base saw more than half of their trading volumes diminish, with Arbitrum down 51.80% and Base down 50.78%. The overall DEX market showed signs of contraction.

Factors contributing to this downturn include the correction phase in the cryptocurrency market, a reduction in exchanges and liquidity providers, and a slowdown in the growth of certain DeFi projects. Despite Ethereum-based DEXs maintaining the highest TVL at $9.737 billion, the ongoing decline in trading volumes could inevitably lead to a decrease in market share.

BSC’s dominance in the DEX market is likely to persist. Binance’s proactive ecosystem expansion and the increase in BSC-based projects are positive factors. If the listing effects from Binance Alpha continue, the upward trend in trading volume may persist. It remains to be seen whether BSC will maintain its momentum and continue to lead the market, or if other networks will mount a rebound to balance the scales.