- Ethereum-based decentralized exchanges saw a huge increase in trading volumes this year.
- Trading platforms are among the most popular decentralized applications on the blockchain.
- DEXs also saw a huge uptick in trading volume during the recent market crash.
Ethereum-based decentralized exchanges (DEXs) have seen a huge increase in trading volumes in 2020 compared to last year.
In just four months, the amount of cryptocurrency traded on DEXs is already close to topping the full 12-month volume of 2019, according to Ethereum data analysis firm Dune Analytics.
As the graphs show, cryptocurrency worth around $2 billion has already been traded on DEXs since the beginning of 2020. At the same time, the total DEX trading volume amounted to $2.4 billion in 2019.
DEXs are among the most popular decentralized applications on Ethereum currently, according to DappRadar. Platforms such as Uniswap, Kyber, WeDEX and IDEX are in the top 10 by the overall number of active users.
Uniswap, Kyber and IDEX also hold 4th, 5th and 10th place, respectively, by their exchange volumes among all Ethereum dapps.
As Decrypt reported previously, decentralized exchanges also saw a huge uptick in trading volume during the market crash that occurred amid the coronavirus outbreak in March.
In particular, there was a huge surge of interest on Uniswap. It was responsible for nearly half of the trading volume—and unique users—on the first day of the crash. The following day, its share of the market rose to 60%.
While trading volumes have largely returned to normal since then, the overall numbers show that DEXs are getting increasingly more traction among crypto traders in 2020. And yet, compared to centralized exchanges, they still remain a drop in the bucket.
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