It has been brewing for some time now, but DEXes are exploding in trading volume. For this month, the volume is nearly twice as high as the volume of December 2020. An intriguing development that shows these decentralized platforms remain of great interest.
All DEXes Note Growth
January 2021 is shaping up to be an intriguing month for cryptocurrency trading worldwide. Although Bitcoin’s bull run is seemingly on life support, there are other prominent statistics. A bull trend is about more than what people want to pay per BTC, after all. Enthusiasts cannot overlook the other markets either.
Judging by the trading volume of all DEXes, things are getting interesting. More specifically, the statistics by Dune Analytics pertain to the most prominent platforms out here. It does not include every decentralized exchange as of yet. However, this month is genuinely exciting for all the DEXes tracked in this list
First of all, the overall trading volume for all platforms combined has surpassed $40 billion. It is the first time such a substantial volume spike takes place. The previous spike, recorded in September 2020, was for roughly $27 billion. Statistically, things are heating up in a significant way for all of these DEXes.
Considering how January isn’t over yet, this volume can keep rising for another week. It isn’t unlikely the month will close at $45 billion or more. It is still ar less than centralized trading platforms, but notable growth regardless. DEXes were once considered a niche, but today, they are as viable as centralized exchanges.
Uniswap Continues to Dominate
No one is surprised to learn that Uniswap remains the top decentralized exchange. This project has trumped all other DEXes for months and shows no signs of slowing down. Its volume for January to date represents $18.4 billion, or nearly half of all trading. None of the competitors come even close to this level, for now.
Speaking of competitors, Sushiswap is the only fork of Uniswap that stands out. Its volume is over $8 billion, but still, over 50% removed from the leader in this space. Bridging this gap has proven very difficult and may not happen shortly either. Even so, competition is healthy for the industry as a whole.
The big question is whether DEXes can follow up this growth curve with an even better February 2021. It is a month with fewer days, and it never makes for a fair comparison. However, expectations are high in this industry, and new records are never out of reach. Reaching $50 billion in monthly trading volume across all decentralized exchanges may be a matter of time.