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DEX Volume Explodes to $43.5 Billion in Just Over a Year

2 mins
Updated by Ryan Smith
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In Brief

  • Decentralized exchanges (DEX) are booming and show no sign of slowing down anytime soon.
  • On-chain data indicates that monthly traded volumes have increased exponentially since 2019.
  • The growth of DeFi is likely driving a large part of the growth.
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Decentralized exchanges (DEX) have continued to gain appeal among market participants within the cryptocurrency industry. This growing attention has led to rapid trading volume growth.

Decentralized Exchanges Take Off

Statistics from Ethereum-based on-chain data aggregator, Dune Analytics, show that DEXs are yet to lose momentum. The cumulative monthly volume on these platforms skyrocketed from a meager $39.5 million to $45.2 billion in less than two years. 

Monthly DEX volume: Dune analytics

During this time, DEX platforms have evolved. And many more players have emerged in the space. There were less than five active exchanges in January 2019.

At this time, IDEX dominated the market with over 70% of the entire monthly volume, which amounted to over $34 million. Uniswap and Kyber shared the rest of the spoils.

Meanwhile, Uniswap, which currently dominates the DEX ecosystem, had a monthly volume of $973,30 at the beginning of 2019. This market share was less than 30% of the total trading volume at the time.

Monthly volumes on decentralized exchanges in January 2020 sits above $45.2 billion. This represents a new milestone and exponential growth as users become more familiar with the tech. 

Uniswap Takes the Lead

The current monthly trading volume has also dwarfed the yearly record. Although Uniswap had already begun to steal market share in January 2020, it was still behind Synthetix. Total trading volume back then stood around $1.03 billion.

Currently, the cumulative volume traded monthly on DEXs has increased by over 1,000% since 2019. Uniswap has eaten up a considerable portion of the market. Data reveals that it has maintained about 47% of the weekly DEX volume:

DEX by volume: Duneanalytics

SushiSwap and Curve, with a weekly volume of almost $3 billion and $1.4 billion, take second and third place.

DeFi Vs. DEXes

Transaction sizes carried out on these platforms have almost doubled from their previous record in September 2020. This growth spurt coincides with the Decentralized Finance (DeFi) boom.

IntoTheBlock, another on-chain data analytics firm, adds credence to how DeFi has contributed to the expansion of DEX platforms. The DeFi tokens aggregate market cap reveals impressive figures

Since the beginning of the year, the ecosystem has enjoyed steady growth, with Uniswap also topping the chart. As of Jan. 10, the DeFi market cap recorded its highest valuation.

Data from DeFi pulse also reflects this growth as the Total Value Locked within this ecosystem is over $25 billion. This amounts to a 40% increase since the end of last year.

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Alo Kingsley
Alo Kingsley is a content writer with 4+ years of experience in writing within the blockchain and cryptocurrency niche. He first discovered Bitcoin in 2016 and has been passionate since then about various ways Blockchain can help Africa and the world at large. He aims to give the crypto space a more geographically balanced narrative as it evolves.