Binance’s BNB Smart Chain has seen a huge spike in decentralized exchange activity in the past few days, temporarily causing Solana to volatility.
Data by Davey’s Call The data shows that its weekly trading volume rose by about 40% to $5.4 billion, making it the third-largest player in the industry.
It sold Solana (SOL) for three consecutive days, starting from August 21st to August 23rd, trading over $922 million, $1.13 billion, and $908 million respectively. It also sold Arbitrum (ARB), a popular Ethereum layer-2 network.
The BSC chain’s gains were short-lived as it was overtaken by Solana on August 24, when the two companies made $725 million and $723 million, respectively.
An in-depth analysis shows that PancakeSwap (CAKE) had the highest trading volume in the past seven days, handling over $625 million. It was followed by Dodo, Uniswap, and Woofi, with trading volumes up 45%, 60%, and 108%, respectively.
BSC’s gains came as Binance Coin (BNB) surged to $597.30, its highest point since July 22. At its highest point, it was up about 50% from its lowest point this month, making it one of the best performing cryptocurrencies in the top 10.
The price action is likely due to news that Binance founder Changpeng Zhao has been moved to a temporary home ahead of his release next month. He is serving a four-month prison sentence for violating anti-money laundering laws.
Additional data shows that the total value of BSC locked in Decentralized Finance has increased by 7.20% to $4.5 billion, making it the fourth-largest player in the industry after Ethereum (ETH), Tron (TRX), and Solana, which are valued at $51 billion, $8.7 billion, and $5.35 billion, respectively.
Tron was among the best performers as weekly trading volume on its decentralized exchange jumped more than 457% to $1.28 billion, helped by the popularity of new meme coins in its ecosystem. All of that volume was on Sun.io, whose Sun token is up more than 357% from its lows this month.