Cryptocurrency analytics platform CoinGecko revealed in its recently released second-quarter (Q2) report for 2022 that the top decentralized exchanges (DEX) existing on various networks have generally seen a significant decrease.
Leading DEXs accounted for $274 billion worth of funds in spot trading in Q2. The amount represented a 39% decrease from the first quarter in 2022, which was a net value of $446 billion.
As shown in the chart above, Ethereum-based DEX protocol Uniswap continues to be the largest decentralized exchange for spot trades, recording almost 60% of its market share by trading volume at the end of the second quarter.
Uniswap Continues As Leading DEX
Despite the severe downtrend in Q2, Uniswap was able to garner a total of $145 billion in trading volume at the end of the quarter.
It is noteworthy, however, that Uniswap saw its Q2 peak daily volume towards mid-May, around the same time as the Terra crash. The platform recorded an impressive $6.09 billion in daily trading volume at the time, accumulating 45% of the $112 billion traded on the top 10 DEXs.
Coinfomania reported in May that Uniswap had crossed an all-time trading volume of $1 trillion, alongside over four million users since its launch four years ago.
Other DEXs See Increases
While crypto prices tanked during the last quarter, many trading platforms recorded gains, while others maintained their volume from the first quarter.
A prime example of an exchange that saw gains was Curve Finance, an Ethereum-based automated market maker (AMM) that facilitates stablecoin trading. CoinGecko revealed that Curve saw the most growth in the second quarter, which brought it to the position of the second largest DEX in Q2.
Curve, which recorded its lowest daily trading volume of $46,000 in May, garnered an impressive $38.3 billion as its market share at the end of the quarter, representing a 383% increase. The sudden growth is possibly attributed to the crash of Terra’s USTC pools and investors’ transition to stablecoins as a haven in times of a bear market.
Some DEXs built on leading networks such as Solana and Binance Chain have seen increases in the last quarter, with others maintaining their volume. Some of the exchanges include PancakeSwap, Dodo, SushiSwap, Jupiter, and Serum.
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