The trading volume of Ethereum-based decentralized exchanges (DEX) has grown more than 70 times over the past year to $ 22 billion. It is seen that platforms such as Uniswap, Curve and Balancer have made a great contribution to the decentralized exchanges, which have gained popularity in recent months.
Decentralized exchanges (DEX) are platforms that allow users to trade among themselves without the need for a third party. This means that cryptocurrency holders will be able to trade their assets with fewer restrictions, and the barriers they will face when entering the market will be lower than central exchanges.
According to the data of Dune Analytics, transaction volumes in DEXs increased significantly. These increases were realized with a trade volume of $ 14.9 billion in Uniswap and $ 5.2 billion in Curve, respectively. Smaller DEXs such as Kyber Network and Balancer also experienced a significant increase in currency volume during this period. Kyber Network has more than doubled its activity since June, while Balancer has increased its activity more than tenfold over the same period.
While most DEX protocols increased, Uniswap took the biggest share of this increase with a 71.2% market share at the end of August. On the other hand, Oasis, 0x and dYdX trio, after the new protocols joined the competition, their market share was seen to decrease to 95%.
The Highest Activity of All Time Happened in September
Volatility in DEX activity over the past month reached its highest ever seen, equaling more than half of the trading volume seen in the past twelve months. The 13 DEXs tracked by Dune Analytics had a total of $ 24 billion in transactions over the past 30 days, compared to $ 45.97 billion in the last 12 months.
Uniswap Continues to Grow
Uniswap, the largest DEX, has reached a level that can compete with some major centralized exchanges in terms of daily trading volume. With $ 309.5 million traded on Uniswap in the last 24 hours, Uniswap is currently the 12th largest cryptocurrency exchange by volume. If Uniswap can maintain its growth rate until the end of the year, the daily trading volume could reach over $ 2.4 billion, bowing to its current largest central spot market.