Decentralized Exchanges Generate a Combined $1.5 Billion in Daily Trading Volume

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The art of trading cryptocurrencies doesn’t just hinge on centralized trading platforms. Decentralized exchanges are making a very strong impression. Their combined volume now approaches $1.5 billion, with Uniswap firmly maintaining its lead.

More DEX Competition Emerges

Slowly but surely, more people are finding their way to decentralized exchanges. This is a positive trend, given the issues that centralized platforms have faced over the years. A growing number of hacks, thefts, and other issues has made people rather way of trading platforms. While centralized platforms offer a higher degree of convenience, their security aspect leaves to be desired more often than not.

There is also the aspect of controlling funds. Moving money to a centralized exchange equals giving up control over one’s money. With decentralized exchanges, the end user retains full control of what is going on with their money. The latter approach does require paying higher network fees, especially when trading Ethereum-based tokens. It is a small price to pay for not having to trust a third party with one’s funds, though. 

BlocDesk DEX Volume

Judging by the CoinGecko rankings, there are a fair few decentralized exchanges today. A combined volume of nearly $1.5 billion daily is impressive. It still pales in comparison to overall global trading volume, but an important step has been taken.

It will take a few more years until some sort of equilibrium is found between centralized and decentralized trading. However, platforms such as

Uniswap, Aave, Curve Finance, and JustSwap are all noting strong growth. 

New Decentralized Exchanges Move up

What is even more intriguing is the number of “newer” platforms popping up. JustSwap is mentioned above, yet it launched not that long ago. The newly migrated SushiSwap is now listed as well, with over $109 million in trading volume in the first few hours. The same goes for 1Inch, a platform that is often overlooked. It has a lower overall volume, yet still surpassed Balancer and Kyber Network fairly quickly. 

Blocdesk Decentralized Exchanges
Source: CoinGecko

As competition heats up in this space, interesting things are bound to happen. Tokenlon, Mooniswap, and others all want to cater to users seeking out decentralized trading. Demand for these markets is high, and there is plenty of room for future improvements. 

More decentralized exchanges will be beneficial to the overall ecosystem. Existing platforms will need to keep evolving to remain relevant. Failing to do so will result in their overall trading volume drying up fairly quickly. 

The post Decentralized Exchanges Generate a Combined $1.5 Billion in Daily Trading Volume appeared first on BlocDesk.



Source: Decentralized Exchanges Generate a Combined .5 Billion in Daily Trading Volume

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