Can BNB Chain Outpace Ethereum in the DEX Race

[AlphaBheta]

I just found that, BNB Chain has surpassed $2 billion in DEX trading volume, which basically means it has overtaken Solana in the past 24 hours.

So the question now is, with the chain's growing momentum, are we at the point where we can say it poses like a proper challenge to Ethereum and even other leading blockchains that are also in the decentralized exchange space?

If not, what do you expect from BNB before we unanimously agree that it can rival Ethereum.

[boyptc]

I just found that, BNB Chain has surpassed $2 billion in DEX trading volume, which basically means it has overtaken Solana in the past 24 hours.

Was that the ATH volume for solana dex in record?

So the question now is, with the chain's growing momentum, are we at the point where we can say it poses like a proper challenge to Ethereum and even other leading blockchains that are also in the decentralized exchange space?

Each of them based on theory possesses that nature that can be at par or be against Ethereum.

If not, what do you expect from BNB before we unanimously agree that it can rival Ethereum.

It's not even moving that much at all. The sentiment of most traders are being dividing from every project that has got some interesting cash flow and volume. It's hard to figure this out right now but I think that there is more for BNB.

[hugeblack]

The problem may lie with Ethereum. Despite the good performance of many cryptocurrencies, Ethereum's performance this cycle has been extremely poor. BNB has always positioned itself as an alternative, meaning it will be either an alternative to Ethereum or Solana. However, the network is centralized and will not be the first choice for DEX trading platforms, as its only advantages are low fees and scalability, which are available on many blockchains.

[fuguebtc]

The altcoin market is a highly competitive market so anything can happen. Although ETH is considered the queen of the market and is second only to bitcoin, that does not mean it can hold that position forever.


If ETH doesn't find a way to improve performance, upgrades...while other chains like BNB and SOL are constantly upgrading and improving, attracting users and investors, it's no surprise that it falls behind.

ETH is considered the worst chain in this cycle with almost no significant upgrades and a rather stagnant price, causing many investors to gradually lose confidence. If this situation doesn't improve soon, I think we will soon have a new queen of the market replacing the ETH.

[cryptoaddictchie]

If not, what do you expect from BNB before we unanimously agree that it can rival Ethereum.

Not sure about that, even though ethereum become stagnant, more users still trust them as king of smart contract. It may be a different leaders on that front but the chances of eth retain its position will be high. Im bias on eth cause I primarily used this compared to a lot of L1, and I still believe that public and users trust will go back all to eth one day.

Bnb is good and solana but we cant deny that in terms of users ethereum still the biggest one.

[DubemIfedigbo001]

The problem may lie with Ethereum. Despite the good performance of many cryptocurrencies, Ethereum's performance this cycle has been extremely poor. BNB has always positioned itself as an alternative, meaning it will be either an alternative to Ethereum or Solana. However, the network is centralized and will not be the first choice for DEX trading platforms, as its only advantages are low fees and scalability, which are available on many blockchains.

BNB is good and has been waxing strong recently, but the centralization raises concerns of censorship resistance and sustainability for a longer time. Ethereum still dominates by its decentralization, security and layer2 scalability solutions. institutions and DEFI projects still trust Ethereum more than BNB because of its security and scalability irrespective of BNB growing potentials.

If not, what do you expect from BNB before we unanimously agree that it can rival Ethereum.

Handle centralization concerns, A centralized project can never gain much confidence and wide application

Ability to sustain DEX high trading volume for a longer time, maybe months and not just a 2-hour spike

A broader adoption and solid backing from high quality projects and not just trading platforms.

Significant progress in having a higher TVL in preference to only trading volumes in DEX platforms

[FinneysTrueVision]

BNB has been one of the better performing coins this year, while Ethereum has been one of the worst when compared to the top coins by market cap. ETH has huge network effects which have kept it ahead of its competitors, but if it continues lagging behind, we might see BNB become the leader in DEX trading volume.

Solana had been doing well for a long time, but the memecoin market crash has reduced their volumes significantly. This particular niche is unlikely to recover any time soon, and until we see an increase in quality DeFi projects, I expect Solana to remain behind BNB Chain.

[avikz]

I just found that, BNB Chain has surpassed $2 billion in DEX trading volume, which basically means it has overtaken Solana in the past 24 hours.

So the question now is, with the chain's growing momentum, are we at the point where we can say it poses like a proper challenge to Ethereum and even other leading blockchains that are also in the decentralized exchange space?

If not, what do you expect from BNB before we unanimously agree that it can rival Ethereum.

BNB is definitely one of the better alternatives for ETH. It has performing very well compared to its peers since it's inception. At the same time, ETH is facing many issues since the ICO time. But ETH has the first mover advantage similar to Bitcoin. So it's not very easy to suppress it down.

But if you think about an alternative right now, please tell me what better option you have? Every coin has it strong areas but I think BNB is a very bright one amongst the competition. So I won't be surprised if it is a le to suppress ETH at some point of time in future.

[Josefjix]

If not, what do you expect from BNB before we unanimously agree that it can rival Ethereum.

I don't think any smart contracts projects can outpass Ethereum no matter the price actions on them or any other factors, Ethereum is therefore the first smart contracts blockchain that emerges and so any other ones are influenced by the action of Ethereum movements so as Bitcoin is to alt coins.

The only reasons why BNB is seeming to be doing more in volume than eth is because of the low transaction fees on the blockchain bringing in shitty and scam projects to be operating on BNB, you can hardly come across fail projects on eth nowadays because the team behind is ready to comply to all fees incurred on them.

[nelson4lov]

I just found that, BNB Chain has surpassed $2 billion in DEX trading volume, which basically means it has overtaken Solana in the past 24 hours.

So the question now is, with the chain's growing momentum, are we at the point where we can say it poses like a proper challenge to Ethereum and even other leading blockchains that are also in the decentralized exchange space?

If not, what do you expect from BNB before we unanimously agree that it can rival Ethereum.

Isn't BNB chain just another EVM chain? If anything, BNB will still be under Ethereum. It's only going to happen if binance start pushing aggressively for onchain/decentralized meta and I don't see that happening given that the core part of their business require that they keep everything centralized.

Ethereum will continue to be the #1 EVM chain and I don't see that changing in the future.

[JeffBrad12]

BNB has been one of the better performing coins this year, while Ethereum has been one of the worst when compared to the top coins by market cap. ETH has huge network effects which have kept it ahead of its competitors, but if it continues lagging behind, we might see BNB become the leader in DEX trading volume.

Solana had been doing well for a long time, but the memecoin market crash has reduced their volumes significantly. This particular niche is unlikely to recover any time soon, and until we see an increase in quality DeFi projects, I expect Solana to remain behind BNB Chain.

honestly if not for BNB being a bit more centralized than ETH people would've already ditched ETH at least some of them and move over to BSC because it's just faster and cheaper.
though without all that BNB is already prospering, the fact that CZ routinely shilling for the chain means there's big opportunity that chain might keep garnering attention and eventually surpass ETH.
however, ETH currently got so much liqudiity because most of new projects just keep deploying their contract whether for staking or anything else to ETH. so I can't see BNB overtaking ETH anytime soon.

[dansus021]

Can BNB Chain Outpace Ethereum in the DEX Race

Short term answer it could be long term answer is No ethereum is the number one EVM chain currently and I don't think it gonna be dethroned by any evm chain. BNB is just the copycat of ETH in my opinion so it can get a traction to up but for short term only.

You can take a look the solana and BNB that always fight to be number one in marketcap, daily trading volume or total value locked by ethereum never bothered because ETH is number one at the moment even tho there are a ton of Layer 2 project under development right now they still need etherum as part of their security

[Antotena]

I just found that, BNB Chain has surpassed $2 billion in DEX trading volume, which basically means it has overtaken Solana in the past 24 hours.

So the question now is, with the chain's growing momentum, are we at the point where we can say it poses like a proper challenge to Ethereum and even other leading blockchains that are also in the decentralized exchange space?

If not, what do you expect from BNB before we unanimously agree that it can rival Ethereum.

There are lots of layer 2 trying to scale down ethereum which is why ethereum doesn't have large Dex volume compare to the rest of the projects. If at all Solana and BNB chain has layer 2, they might not come close to half of what Ethereum is getting but they don't need layer 2 since they are fast already and are doing well when it comes to transactions finalizing and you don't need to spend your monthly salary on the transaction fees, Ethereum at peak transaction will stress the living out of you.

I don't know why despite the spike in volume on BNB chain, I don't see any coin trending on bnb or any exchange to confirm that people are buying and selling, it's only bnb that has been performing on the exchanges. Could it be that only BNB is responsible for this action of transactions and volume spike or there is more to this information we are having. Perhaps maybe there is one particular meme coin that people are shilling and are trading.

[mk4]

Funny how no one has mentioned Hyperliquid — which is actually 'the' current winner in the DEX race.

(at least in PERPs, their spot market is currently just catching up.)

As for spot markets, pretty sure Solana is still the leading network.