Binance Wallet Seizes 54% Market Share After OKX Shuts Down DEX Services

Key Takeaways

• Binance Wallet recently captured 54% of all trading volume.
• The platform recorded $90.5 million in trading volume on March 18, surpassing Solana and Ethereum.
• Binance’s market share surged following the decline in Solana’s dominance and OKX’s DEX aggregator shutdown.

Binance Wallet recently topped the decentralized exchange (DEX) market, capturing more than half of all trading volume in a single day.

The shift in rankings follows OKX’s decision to suspend its DEX aggregator services, pushing traders toward alternative platforms.

Binance Wallet Takes Over the DEX Market

According to data from Dune , Binance Wallet processed $90.556 million in transactions on March 18, accounting for 54.1% of the total DEX wallet market.

The platform also saw 28,103 active users, making up nearly 30% of all active crypto wallet users.

For months, OKX had been a major force in the DEX wallet market, but its suspension—triggered by European regulatory issues—left a vacuum.

Binance quickly stepped in, cementing its dominance in an increasingly competitive space.

How Binance Gained Market Share

The rapid expansion of Binance Wallet’s market share is not solely due to OKX’s absence. Some analysts point to Binance’s aggressive incentives, including zero trading fees and token swap rewards, as key factors driving adoption.

This shift comes amid broader changes in the DEX ecosystem.

While Solana (SOL) and Ethereum (ETH) have long dominated the market, Binance’s native BNB Chain has seen a notable increase in trading activity.

The rise in BNB Chain volume has been fueled by a memecoin trading frenzy, particularly after several scandals and insider trading allegations dented confidence in Solana-based tokens.

Binance’s Growing Influence in DeFi

While Binance is best known for its centralized exchange, its influence in the decentralized finance (DeFi) space is growing rapidly.

With years of experience in centralized trading and a strong financial position, Binance is positioning itself as the go-to platform for both retail and institutional traders in the DEX space.

The firm’s native chain has already overtaken Solana in DEX trading volume, marking a significant shift in market dynamics.

As more developers and traders migrate to Binance’s ecosystem, the platform’s grip on decentralized finance could strengthen.