Binance is estimated to have generated approximately $9.8 billion in revenue for March, despite ongoing legal issues involving CEO Changpeng Zhao. The exchange continues to operate smoothly, with investors reporting little disruption to the trading experience.
If a Seattle judge orders Zhao to be jailed, he would become the richest person ever to serve time in a U.S. federal prison, with his personal fortune valued at $43 billion remaining untouched. Despite relinquishing the CEO title as part of a settlement with the government, Zhao’s influence over Binance persists.
Traders distinguish between Binance and Zhao and former rival FTX, which faced bankruptcy after its founder misappropriated user funds. Zhao has stepped back from his public-facing role, maintaining a low profile since pleading guilty.
In November 2023, Zhao resigned as CEO of Binance following accusations of allowing transactions with clients from sanctioned jurisdictions. Binance agreed to pay $4.3 billion in fines, with Zhao personally paying $50 million. The U.S. Department of Justice has requested a 36-month prison sentence for Zhao, with a sentencing hearing scheduled for April 30 in Seattle.
CoinGecko: Ethereum overtakes Solana by DEX trading volume
CoinGecko analysts have found Ethereum at the top of March’s trading volumes for decentralized exchanges.
Ethereum has reclaimed its position as the top decentralized exchange (DEX) in terms of trading volumes, commanding a 37.1% share. In March, Ethereum’s trading volume surged by 92.4% to reach $69.67 billion.
Solana follows closely in second place, with a 21.3% share, experiencing remarkable growth of 244.8% during the reporting period, with trading volume hitting $40 billion.BNB Smart Chain holds the third spot, contributing 15.1% to the total DEX trading turnover. Its trading volume for March soared to $28.5 billion, marking a 161.1% increase compared to the previous month’s $10.9 billion.
Overall, DEXs witnessed a staggering total trading volume of $190 billion in March, more than doubling February’s figure of $81 billion.
While Ethereum’s dominance dipped slightly in the first quarter of 2024 to 33.4%, platforms like Solana and Arbitrum made significant strides, strengthening their positions. For context, Ethereum held a 46.8% share in the fourth quarter of 2023.
“In January and February 2024, Arbitrum briefly overtook Ethereum’s dominance. Ethereum had a 31.2% and 30.1% market share in January and March, while Arbitrum stood at 39.1% and 39.7% during the same period.” -CoinGecko
Trading volume within the network continues its upward trajectory, marking a 46.8% increase in the first quarter of this year, as per CoinGecko’s calculations. Solana remains at the forefront of this growth, with its trade turnover surging from $18.18 billion to $62.31 billion. Quarterly, this represents a remarkable 242.7% increase.
In March, DEXs operating on Solana accounted for approximately half of the daily trading volume in the market. Leading the segment was the Jupiter platform, with a trading volume of $2.66 billion, closely followed by Raydium at $2.4 billion. The heightened interest in the Solana blockchain coincided with the buzz surrounding meme coins.