Ethereum’spositioninDEXtradingischanging,accordingtotheCoinGeckoQ3cryptoindustryreportreleasedonOct.14.
Thenetworkremainsthedominantchainfordecentralizedexchange,butitsmarketshareconsistentlyfellbelow40%duringthequarter.
TradingvolumeonEthereumtrendeddownwardbetweenJulyandSeptember,withitscumulativevolume19.6%lowerthanthepreviousquarter,itnoted.
MemeCoinsDrivingDEXCompetition
EthereumisfacingincreasedcompetitionfromotherchainsintheDEXspace,particularlySolanaandBase.However,theirpopularityisprimarilydrivenbydegensmintingmemecoins.
SolanagainedsignificanttractioninDEXtrading,endingSeptemberwitha22%marketshareand$21.5billioninvolume.
Base,theCoinbaseEthereumL2,grewitsDEXmarketshareby31.4%inQ3,overtakingArbitrumwitha13%dominanceand$12.3billioninvolumebySeptember.
TronwasanewcomertothetoptenafterdisplacingBlast,whichsawitsvolumesplummetfollowingitstokengenerationevent.
However,thiswasalsodrivenbymemecoinsfollowingthelaunchofsuchageneratorSunPumponTron.Thenetworkmanagedtocapture2%ofthemarketsharewith$1.7billioninvolumeinSeptember,accordingtoCoinGecko.
ETH’smarketdominancealsotookabeatinginthethirdquarter.Itsshareofthetotalcryptomarketcapdroppedby3.6%,endingthequarterat13.4%.Thiswasthelargestdeclineamongthetop7cryptocurrencies,despitethelaunchofEthereumETFsinJuly.
However,theEthereumecosystemsawsubstantialgrowthinlayer-2scalingsolutions,withthetotaltransactionsacrossthetop10L2sincreasingby17.2%inQ3.
DailytransactionsonL2snearlyreached10millionbytheendofSeptember,farexceedingEthereummainnet’s1milliondailytransactions,thereportnoted.ThisgrowthindicatesashiftinuseractivityfromthemainEthereumchaintomorescalableL2solutions.
ETHFUDContinues
EthereumecosystemdevelopershavetakentocryptosocialmediathisweektodisputethewavesofFUDthathaveplaguedthenetworkrecently.
OnOct.14,CyberCapitalfounderJustinBonaddedtotheFUDstatingthatUniswapmovingoff-chain“isonlythefinalnailinthecoffin,allappsaremovingtocompetingL1sandL2sinstead.”
“NowETHisbeingleftbehind,irrelevantandbroken;Ethereumiscooked.”
However,BlackRockCEOLarryFinkbeggedtodiffer,highlightingthegrowthpotentialoftheEthereumnetworkduringthefirm’sQ3earningscallthismonth.
Andyou’restillbearishonETH?https://t.co/nb1E8tQMsO
—sassal.eth/acc(@sassal0x)October14,2024
cryptopotato.com