Abigail MichelleAccording to Dune Analytics, the trading volume of decentralized exchanges (DEX) is up 300% compared to the volume at centralized exchanges. Over the last 24 hours, DEXes recorded a volume of $240 million and $1.77 billion over the last 7 days.
The DEX spearheading the massive growth is Uniswap, with a daily trading volume of $94.8 million and a weekly volume of $818.2 million.Â
Uniswap is a fully decentralized protocol for automated liquidity provision on the Ethereum blockchain. The platform allows traders to swap ERC20 tokens, as well as ETH to ERC20 tokens, and vice-versa.Â
The almost-two-year-old DEX started gaining popularity just last year as it outshined even some of the top US-based crypto exchanges in terms of daily volumes. Â
Much of this increase is accredited to the hysteria going on in the DeFi sector, which has attracted colossal interest over the last few months.
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From the inviting Annual Percentage Yield (APY) on yield farming for Yearn.Finance (YFI), Synthetix (SNX), and Compound (COMP) to Uniswap’s addition of the $0.69 Tendies token, which covered a daily trading volume of $7 million on August 1 on Uniswap exchange. Â
Eat my dust
According to a tweet by Qiao Wang, leader of Ex-Messari product, Uniswap daily trading volume has surpassed those of Binance US, Gemini and Poloniex combined.
On Friday, July 31, data on CoinGecko revealed that Uniswap recorded a total volume of over $155 million compared to Gemini’s $51 million, Poloniex’s $56 million, and Binance.US’ trifling $38 million.
Aside from outperforming these U.S.-based spot exchanges, Uniswap is also on the edge of measuring up to two “U.S. powerhouses for crypto trading known for its regulatory-first approach to digital assets and attracting an elite clientele,” Coinbase and Kraken. Uniswap measures a volume of one-third of Coinbase $563 million as of July 31, and half of Kraken’s $330 million.
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