Decentralized exchanges become of great importance in the crypto asset industry. Keeping tabs on the overall DEX volume, and the key players, can help provide numerous insights.
DEX Growth Reverses
It is not uncommon for cryptocurrency trading to go through several ups and downs over the years. There will be periods when trading is more popular. For the DEX landscape, the current trading volume isn’t exactly promising. A net 12% decline in trading volume has been recorded in the past week.
Such a dip is significant for many reasons. Numerous altcoins have noted strong gains in the past few days. Not all of them can be traded on the various DEXes, however. This may explain why these centralized platforms note such a steep dropoff. There is still an overall volume of over $364.5 million, which is a healthy figure.
DEX top 3 Remains Unchanged
Similar to the previous weekly DEX report, the top trading platforms remain unchanged. Uniswap dominates the landscape, ahead of Curve, and Balancer. All three of these platforms combined for over $250 million in trading volume, further confirming that gaining traction is tough for new projects.
What is remarkable is how 0x is slowly moving up the ranks. In theory, nothing prevents this project from overtaking Balancer in weekly trading volume. The same goes for dYdX and Kyber, which are not all that far behind either. More competition can be rather useful, as it will benefit users in the long run.
Record volumes in June 2020
Perhaps the most remarkable statistic is the overall volume generated during June 2020. When looking back at the volume since January 2019, last month was incredibly bullish. It yielded over $1.5 billion in combined DEX volume.
Compared to February 2020, that is a near 100% increase in monthly trading volume. July may prove to be another interesting month. The volume during this month is almost on par with the entire month of April 2020. Pushing to a new peak will be challenging, but the positive trend is worth keeping an eye on.
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