A report published by Totle on July 23 has revealed that the transaction volume on Ethereum-based decentralized exchanges (DEX) has tripled since the start of 2019. Totle commissioned D5, a group of data scientists and engineers, to analyze the state of DEX usage over the past few months.
The increased trading volume on Ethereum based exchanges, however, did not lead to similar growth in transaction count. According to the data, June 2019 saw transactions worth approximately $300 million take place on various decentralized exchanges, up from $86 million in January. Meanwhile, the overall number of transactions recorded in June was close to double that of January’s 240,000 transactions, at approximately 426,000.