DEX Exchanges Processing Over $120 Bln In 2021 So Far.
2021-02-25 | Mike Hallen
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.
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