Ethereum based DEX, [Decentralized Exchanges], still surge despite high transaction fees – with DEXes processing over $120 Bln within this year in 2021 so far.
In line with Ethereum market analytics platform Dune Analytics, the combined DEX volumes posted a new record high of $63 Bln earlier in January. February’s volume presently sits at $59 Bln and is on target to hit $67 Bln at the month’s end.
DEXes have already processed more volume within the primary two months of this year than during all earlier years combined.
The Ethereum-powered DEX sector remains dominated by Uniswap and Sushiswap, who account for 65% of February’s trade combined. Uniswap presently represents over double Sushi’s volume, managing almost 50% of DEX market shares.
Moreover, watching the weekly number of active traders on each platform reveal that Uniswap represents over three-quarters of Ethereum DEX users. Over the past week, nearly over 142k unique wallets traded on Uniswap, followed by decentralized exchange aggregator 1inch with over 18,450 traders, as well as SushiSwap with 8,911.
Moreover, not all DEX trading activity is happening on Etheruem, with Binance Chain’s Pancake Swap surging to report a daily trading volume behind of over $1.1 Bln.
Despite some users migrating faraway from Ethereum-based DEXes, confidence within the sector as an entire is at an all-time high, with the entire value locked in these cryptocurrency exchanges presently sitting above $40 Bln for the primary time within recent weeks.