Uniswap Controls Over 30% of Decentralized Exchanges Volume
Date
1/30/2022 8:47:49 AM
(MENAFN- Finixio) According to data compiled by Trading Platforms, Uniswap currently accounts for 32.1% of the trading volume in decentralized exchanges.
The exchange’s most recent version of the protocol, Uniswap V3, holds the first position with control over 27.6% of the DEXs’ markets trading volume. Uniswarp V2 came in 5th, accounting for 4.5% of the volume. The exchange’s most-traded pair was the USDC/ETH.
At the time of writing, the total 24h trading volume on decentralized exchanges was $5.86 bn. Uniswap V3 had a $1.619 bn, while the Uniswap V2 protocol had a $262.87 million 24h trading volume
Spookyswap ranks high, beats Sushiswap & PancakeSwap
Although PancakeSwap recorded the highest number of visits, 27,372,296, its trading volume was lower than that of SpookySwap. The latter came in second on the list of top DEXs by trading volume, with a market share of 11%. PancakeSwap accounts for 8.1% of the total market volume.
Other decentralized exchanges that made it to the top ten list by trading volume included Serum DEX, TraderJoe, Sushiswap, and CurveFinance. These DEXs account for 6.7%, 4.1%, 6.1%, and 3.3%, respectively.
USDC coin pairs seem to be doing well across all exchanges, as evidenced by different USDC trading pair combinations dominating in five of these exchanges.
DEXs quickly catching up with CEXs
Decentralized exchanges have had 183,840,135 visits in the last month.
While speaking on the findings, Edith Reads from Trading Platforms had this to say, “It’s quite clear that more crypto enthusiasts are opting to transact on decentralized exchanges, and centralized platforms may continue to lose market share with time. The non-custodial framework on DEXs gives users more control over their assets, making them more lucrative. As more Defi projects come up, we can expect the surge in trading volume on DEXs to increase, as well.”
In 2021, decentralized exchanges across the globe recorded trading volumes of more than $1 trillion. This figure was a massive 858% increase from $115 billion in 2020.
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