Decentralized exchange volumes double overnight – a look at the top 3 Dex platforms in 2021 – exchanges Bitcoin News

As the crypto markets rebounded somewhat on Tuesday, decentralized financial tokens and applications began to appreciate again. Decentralized trading volumes (Dex) have increased sharply as daily swap volumes from Ethereum-based Dex applications have doubled since Monday.

Pancakes, sushi and unicorns

Decentralized finance continues to surprise, as billions of dollars have poured into this new economy over the past two years. Years ago there were some decentralized exchange (Dex) platforms, but none of them compared to the liquidity provided on Dex platforms today.

Decentralized exchange volumes double overnight - A look at the top 3 Dex platforms in 2021
24-hour and seven-day decentralized exchange statistics for Ethereum-based Dex platforms, according to Dune Analytics as of June 29, 2021.

Additionally, the Ethereum blockchain is home to the most popular Dex applications out there today, and many of these Ethereum-based Dex platforms have dwarfed themselves centralized exchange (Cex) platforms in terms of trading volume.

In addition, the Binance Smart Chain (BSC) hosts a Dex platform called Pancakeswap, which has been continuously collecting large amounts of Dex volume since its inception. For example, on May 18, 2021, Pancakeswap was processing swaps worth $ 6.7 billion.

Decentralized exchange volumes double overnight - A look at the top 3 Dex platforms in 2021
Pancakeswap liquidity and daily trading volume on June 29, 2021 according to pancakeswap.info data.

In June, Pancakeswap saw trading volumes between $ 336 million and $ 800 million, depending on the day. On June 21, the BSC-based index had a global trading volume of $ 1.21 billion. These metrics, recorded by the pancakeswap.info web portal, show that Pancakeswap would be the second most popular index in terms of 24-hour volume.

The second position, according to Dune Analytics, which only measures the volume of the Ethereum-based Dex platform, is Sushiswap. The Dex Sushiswap is basically a clone of Uniswap, the largest Dex application in terms of daily and weekly trading volume.

Decentralized exchange volumes double overnight - A look at the top 3 Dex platforms in 2021
Trailing seven-day trading volume and market share on Jan.

Sushiswap’s volume on June 27 is less than pancakeswap swaps of $ 388 million as Sushiswap raised $ 221,535,002 in 24-hour trades that day. Sushiswap still has higher daily trading volumes than Dex platforms like 0x Native, Curve, Dodo, Bancor Network and Balancer.

While Sushiswap achieved 9.9% of the accumulated seven-day Dex trading volume last week, the top Dex application Uniswap processed 67.5% of all global trades.

Cumulative Dex statistics show that over $ 2 billion was traded on 16 different Dex platforms for the past week for a total of $ 15 billion. Of that $ 15 billion, Uniswap took in $ 10.3 billion of the total volume, exceeding the combined volume of sushi swap and pancake swap.

Proponents of cryptocurrencies expect Dex applications to continue growing in popularity and overall trading volume. The reason for this is that most Dex applications are inherently unsecured and do not require any identity information to exchange crypto coins.

Decentralized exchange volumes double overnight - A look at the top 3 Dex platforms in 2021
Daily DEX volume and the number of traders (unique addresses) during the last seven days.

As mentioned above, previous Dex applications like Bisq suffered from liquidity issues and that has all changed since the introduction of financial instruments like Ethereum-based Automatic Market Makers (AMMs) and Dex Smart Contracts.

As Dex’s trading volume continues to grow this summer on networks like Ethereum and Binance Smart Chain, crypto liquidity is guaranteed to rise as does the heat outside. In addition to Dex apps on ETH and BSC, other blockchains with smart contract and AMM functionality are racing to catch up with these defi giants.

What do you think of growing Dex volumes and the top Dex players in this space? Let us know what you think on this matter in the comments below.

Tags in this story

0x Native, AMM, Balancer, Bancor Network, Blockchain, Crypto Assets, Cryptocurrencies, Curve, DeFi, DEX, Dex Platforms, Dodo, Dune Analytics, Growth, June Statistics, Liquidity, Pancakeswap, pancakeswap.info, Sushiswap, Top 3 Dex platforms, trading volume, Uniswap

Photo credits: Shutterstock, Pixabay, Wiki Commons

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