Merchants purchased and bought greater than $261 billion of tokens on decentralized exchanges in March, outperforming 2021’s greatest month by almost $25 billion.
Memecoin merchants catapulted decentralized trade exercise to all-time highs final month, in response to DefiLlama.
March registered an all-time excessive transaction quantity of $261 billion, outscoring the final peak in Nov. 2021, when $237 billion was transacted throughout DEXs. Final month additionally witnessed a greater than twofold improve from February, when merchants purchased and bought $121 billion of crypto belongings.
The highest platforms throughout March had been Ethereum, with $75 billion, adopted by the ecosystem most favored by memecoins, Solana, which noticed $58 billion. Binance Sensible Chain (BSC) closes out the highest three with $46 billion.
Notably, Coinbase’s Layer 2 community, Base, broke onto the scene in March. After 5 months with out showing on DefiLlama’s dashboard, it notched up $7.75 billion final month, seemingly due to rising curiosity in memecoins like DEGEN.
The L2 is having fun with its personal memecoin season, with the sector’s market cap surging 60% from $1.02 billion on March 25 to $1.63 billion in the present day – with a further 7% spike in the present day.
Whereas spot Bitcoin ETFs take pleasure in a lot of the mainstream media’s consideration, memecoins have been pushing to all-time highs in latest months. The sector, famend for its irreverence and typically vulgar or outright racist tickers, has been in a bull run of its personal, with six memecoins making it into the highest 100 on Coingecko.
