According to a report from “The Defiant”, last month’s meme coin trading frenzy pushed decentralized exchanges (DEX) trading activity to a historic high. Data from DefiLlama shows that DEX trading volume in March reached $261 billion, surpassing the previous peak of $237 billion set in November 2021. Additionally, DEX trading volume last month more than doubled compared to February.
Decentralized Exchange Monthly Trading Volume, Source: DefiLlama
In March, Ethereum-based DEX had the highest trading volume at $750 billion, followed by the meme coin-favored ecosystem Solana with $580 billion in trading volume. BNB Smart Chain (BSC) ranked third with $460 billion.
Notably, the DEX trading volume on the Layer 2 network Base, a subsidiary of cryptocurrency exchange Coinbase, reached $77.5 billion in March, significantly higher than the previous months, possibly due to the growing interest in meme coins like DEGEN.
Despite an overall increase in trading activity in the cryptocurrency market, the NFT market has yet to pick up. Data from CryptoSlam shows that monthly NFT sales have remained stable at around $1.3 billion, still far below the peak of $6 billion set in January 2022.
NFT Market Monthly Sales Volume (Source: CryptoSlam)