Trading volume on decentralized exchanges (DEX) hit a record $ 55.8 billion in January, well above the previous high of $ 26 billion in September 2020.
According to Dune Analytics, total trading volume on decentralized exchanges reached $ 55.8 billion last month, up from $ 23.5 billion in December 2020. According to Messari decentralized finance analyst Jack Purdy, trading volume on the DEX continues to grow “as traders increasingly prefer these types of trades.”
“Trading volumes are likely to continue to grow as decentralized exchanges become more liquid and the user interface improves to compete with their centralized counterparts,” Purdy said.
Uniswap accounted for more than 45% of the total volume of transactions, and in January the trading volume on the platform amounted to $ 25.9 billion. Uniswap’s competitor, the Sushiswap platform, last month held almost 22% of the total transaction volume of $ 12.2 billion. However, the Gnosis and DDEX platforms showed negative dynamics in January – on both exchanges, the trading volume decreased significantly compared to the previous month.
Recall that on January 8, the price of bitcoin for the first time in the history of the cryptocurrency market exceeded $ 41,000, and the market capitalization of Ethereum reached a record high of $ 143.5 billion. Thanks to this, BTC miners earned more than $ 1.09 billion in January, which was the highest figure since December 2017, and ETH generated $ 800 million in revenue, which exceeds the 2018 highs.
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