The demand for trading cryptocurrencies on decentralized platform continues to rise. New statistics by Dune Analytics indicate the overall DEX trading volume has been on the rise for quite some time now.
Centralized exchanges will remain the top contenders for trading volume in the cryptocurrency industry.
The DEX Landscape Remains Competitive
However, a lot of enthusiasts want to embrace the decentralized nature of these ecosystems through all means possible.
The so-called DEXes, or decentralized exchanges, reap the benefit from this increasing demand.
Although their total USD trading volume remains low compared to centralized platforms, the growth is evident for everyone to see.
Over the past seven days, all of the tracked DEXes generated nearly $80m in trading volume.
Albeit not very impressive, it is still a 127.7% increase compared to the previous week.
This is despite most of the crypto markets noting significant losses over the past week and a half.
Interestingly enough, the overall USD volume is up across all exchanges in the DEX industry.
IDEX, Airswap, Oasis, and 0x all noted very sharp increases in this regard.
A smaller uptrend can be found on Kyber and Uniswap.
To date, Kyber remains the biggest exchange based on DEX trading volume, albeit Uniswap isn’t too far behind.
In terms of overall traders, it would appear that Uniswap is well ahead of its competitors in this space.
The competition between Uniswap, IDEX, and Kyber will undoubtedly intensify in this department.
Despite this growth, it remains to be seen if and when these exchanges can bring the competition to their centralized counterparts.