The Layer 2 scaling solution Arbitrum has overtaken Ethereum">Ethereum to become the top decentralized exchange (DEX) platform by trading volume. According to the latest data, Arbitrum commanded $1.83 billion over 24 hours, representing a 32.58% weekly increase. This now gives Arbitrum 33.40% market share of total DEX volume.
In contrast, Ethereum, formerly the leading DEX platform, saw its volume decrease 4.77% week-over-week to $1.44 billion. While Ethereum still retains the most total value locked at $5.96 billion, the shifting DEX landscape shows Arbitrum’s dominance.
Beyond Ethereum and Arbitrum, other major smart contract platforms saw varying volume changes. Solana’s volume declined 51.26%, Binance Smart Chain dipped 0.83%, and Polygon dropped 34.53% over the last week. This trend highlights Ethereum’s reducing DEX dominance now down to just 28.7% market share.
With nearly a quarter of the total market volume, fast-growing Arbitrum represents a top contender in decentralized trading and DeFi. As innovation on Layer 2 platforms advances, Arbitrum and others seem poised to keep eating into Ethereum’s once unchallenged leadership position. The ongoing shifts promise an interesting year ahead in decentralized finance.
