Recent movements in the DEX market have been unusual.
👍Recent movements in the DEX market have been unusual. I will once again provide an in-depth analysis of the DEX cycle. Due to the nature of Telegram, which doesn’t allow for long posts, I’ll leave only a summary here. Those who wish to read the full article can refer to the PDF I’ve attached.
👍Recent movements in the DEX market have been unusual. I will once again provide an in-depth analysis of the DEX cycle.
Due to the nature of Telegram, which doesn’t allow for long posts, I’ll leave only a summary here.
Those who wish to read the full article can refer to the PDF I’ve attached.
It would also be helpful if you take a look at the DEX market cycles I’ve written about previously.
DEX Cycle 1 (t.me1521)
DEX Cycle 2 (t.me1686
The Warring States Period of DEX: BNB vs Solana
Current DEX Market
The DEX market is experiencing a "Warring States Period" with BNB Chain's viral marketing creating waves similar to Tron's "TRX Summer" campaign. In early 2025, DEX volume reached 20% of CEX for the first time, with the BNB vs Solana competition taking center stage.
BNB vs Solana: Key Comparison
BNB Chain - Volume: $1.658B in 24h (66.8% increase week-over-week) - Active Addresses: 1.32M (37.4% increase week-over-week) - Strengths: Binance support, low fees, Ethereum compatibility - Recent Achievement: $5.8M daily fees on Feb 13 (vs Solana's $3.3M)
Solana - Volume: $1.07B (28.8% decrease week-over-week) - Active Addresses: 4.08M (3x more than BNB, 24.1% decrease week-over-week) - Strengths: High speed, ultra-low fees, strong developer ecosystem - Challenges: User fatigue from influencer/celebrity marketing
Competition Insights
- Active Addresses: Solana maintains overwhelming lead but declining, BNB growing
- Trading Volume: BNB has surpassed Solana, Solana declining
- Key Trends: - Gap between user base (Solana leads) and volume (BNB leads) - BNB growing with Binance support, Solana stagnating after initial growth
DEX CEX-ification & Binance Strategy
DEX CEX-ification Trend - Improved user experience (CEX-like interfaces) - Centralized liquidity for efficiency - Hybrid models emerging (e.g., MEXC's 'DEX+') - Enhanced regulatory compliance
Binance's Strategy - CZ's renewed focus on BSC after legal issues resolved - Leveraging past DeFi season success - Using CEX resources and brand power - Clear intent to "not lose dominance in DEX"
Can BNB Surpass Solana?
Short-term (6-12 months) - BNB likely to maintain or expand volume advantage - Solana likely to maintain user base advantage
Long-term (1+ years) - BNB could surpass Solana if user base expands and CEX-ification strategy succeeds - Solana could maintain competitiveness through technical innovation - Coexistence scenario possible
Conclusion
The current answer to "Can BNB surpass Solana?" is "currently, I don't know." BNB has already surpassed Solana in volume but trails significantly in user base. Binance's aggressive strategy, Solana's response, and market changes will determine future dynamics.
"The Warring States Period of DEX is just beginning," with more dynamic changes ahead.
Source: funkyonchain
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