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Ethereum Remains Top DEX Chain With 35% Volume Dominance: Can Others Challenge This?

Ethereum Remains Top DEX Chain With 35% Dominance: Can Others Challenge This?

Sebastian Villafuerte
by Sebastian Villafuerte
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum is struggling to break through key resistance levels, even after the recent crypto market surge led by Bitcoin. While ETH’s price remains under pressure, there’s encouraging news for investors. Recent data from IntoTheBlock highlights Ethereum’s continued dominance in decentralized exchange (DEX) volume, reinforcing its position as a major player in the DeFi space. 

Related Reading: Bitcoin Token Announced By Coinbase: BTC Holders Can Now Access DeFi Apps on Base

This insight is vital for those concerned about Ethereum’s price underperforming compared to Bitcoin and other altcoins. The data suggests that despite the current price struggles, Ethereum’s network remains robust and highly utilized, especially in DeFi. 

This broader market perspective can help investors stay informed and make better long-term decisions, focusing not only on price but also on Ethereum’s underlying strength and growing utility. As the market continues to evolve, Ethereum’s role in DeFi could remain a critical factor driving future price action.

Ethereum DEX Dominance Could Be Challenged

One of the core products born out of DeFi is the decentralized exchange (DEX), allowing users to trade assets permissionlessly without the need for intermediaries. DEXs also enable users to become market makers by supplying liquidity to asset pairs, earning fees from trades between those pairs.

According to a recent IntoTheBlock report on X, Ethereum remains the dominant force in DEX volume, controlling almost 35% of the total market share. However, other blockchain networks are increasingly challenging Ethereum’s dominance. Solana, in particular, is emerging as a strong competitor, steadily solidifying its position within the DEX space. Solana’s increasing volume highlights its growing relevance despite Ethereum’s longstanding influence.

Current DEX Volume by Chain Showing Ethereum dominance.
Current DEX Volume by Chain Showing Ethereum dominance. | Source: IntoTheBlock

Other blockchains, such as Arbitrum and Binance Smart Chain (BSC), also hold a substantial share of the DEX market, with Arbitrum accounting for 14% of total DEX volume and BSC capturing 11%.

These networks continue to gain momentum as they offer faster transaction speeds and lower costs, making them attractive alternatives for decentralized trading. While Base, a new player, experienced rapid early growth, it has since leveled off, indicating the fierce competition within the DeFi landscape.

Related Reading: Are Bitcoin (BTC) Whales Preparing for A Big Move? Key Report Sheds Light

The competition to lead in the DEX market is intensifying, with various blockchain ecosystems striving to grow their market share. Ethereum’s vast liquidity and established user base give it a strong advantage, but Solana, Arbitrum, and BSC are rapidly gaining ground. 

ETH Technical Analysis

Ethereum (ETH) is currently trading at $2,427 following a 5% surge on Friday. Despite this recent uptick, ETH has been underperforming during this cycle, with the latest price action showing similar struggles. The price has faced difficulty breaking past the $2,460 resistance and has yet to test the 4-hour 200 exponential moving average (EMA) at $2,534.

Ethereum trading below the 4H 200 EMA.
Ethereum trading below the 4H 200 EMA. | Source: ETHUSDT chart on TradingView

This persistent resistance is fueling fear and uncertainty among investors, suggesting a potential retrace to lower levels. Support levels to watch include $2,300 and, if further declines occur, a deeper dip around $2,150.

Related Reading: ETH Bounces From $2,200 Low After Network Growth Hits 4-Month High

Conversely, if ETH manages to reclaim and hold above the 4-hour 200 EMA, the outlook could shift positively. Successfully surpassing this critical level might position ETH for a potential rally toward $2,600 or even higher, providing a more bullish scenario. The market’s direction hinges on whether ETH can maintain momentum above the EMA or if it will face continued resistance and a possible consolidation at lower levels.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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