In the decentralized finance (DeFi) decentralized exchange (DEX) market, Binance Smart Chain (BSC), which showed strength last week, has once again lost its top spot to Ethereum. Meanwhile, trading volumes on major chains, including Ethereum and Solana, have shown signs of recovery, shifting the weekly market dynamics.
According to DeFiLlama, from March 21 to March 28, Ethereum reclaimed the number one position in weekly DEX trading volume with $10.923 billion. BSC followed in second place with $10.542 billion, a 25.95% decline compared to the previous week.
BSC’s DEX Total Value Locked (TVL) rose to $1.743 billion, up from last week, but its trading volume trended downward. BSC’s market share dropped to 23.44%, while Ethereum regained a 29.29% share. Industry analysts suggest BSC’s temporary surge was likely driven by the Binance Alpha new listing effect.
Ethereum maintained its lead across TVL, bridge activity, and stablecoin deposits. Its DEX trading volume this week also increased by 4.91%. Solana recorded $8.846 billion in trading volume, up 5.43%. Notably, Solana’s bridge TVL ($25.187 billion) significantly outpaced its DEX TVL ($7.433 billion), highlighting robust cross-chain activity.
A standout performer was Hyperliquid L1, which saw its trading volume surge by 100%, reaching $1.237 billion for the week. However, its DEX TVL remained relatively low at $90.99 million. Following the JellyJelly incident, Hyperliquid’s TVL drop may not yet be fully reflected in the data, so its future trajectory warrants close observation.
Bitcoin, Tron, and Base continued their trading volume declines this week. Tron’s weekly volume fell to $610.5 million, down 31.51%, while Base saw a 10.74% drop. Bitcoin struggled to shake off its weakness in the DeFi market as well.
After BSC briefly led the DEX market, this week saw a reconsolidation around Ethereum. Whether BSC and Solana can reclaim dominance will depend on next week’s market trends, making it a key period to watch.
