Bitcoin News and Finance
Decentralized Exchange Volumes Double Overnight — A Look at the Top 3 Dex Platforms in 2021 Skip to main content

Decentralized Exchange Volumes Double Overnight — A Look at the Top 3 Dex Platforms in 2021

Decentralized Exchange Volumes Double Overnight — A Look at the Top 3 Dex Platforms in 2021

As crypto markets saw some recovery on Tuesday, decentralized finance tokens and applications have once again started swelling in value. Decentralized exchange (dex) trade volumes have increased a great deal, as daily swap volumes stemming from Ethereum-based dex applications have doubled since Monday.

Pancakes, Sushi, and Unicorns

Decentralized finance continues to astonish, as billions of dollars have entered this new economy during the last two years. Years ago, there were a few decentralized exchange (dex) platforms but none of them compared to the liquidity that’s 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 on June 29, 2021.

Moreover, the Ethereum blockchain hosts the most popular dex applications in existence today and many of these Ethereum-based dex platforms have outshined even centralized exchange (cex) platforms in terms of trade volume.

Furthermore, the Binance Smart Chain (BSC) hosts a dex platform called Pancakeswap which has been steadily capturing large amounts of dex volume since its inception. For instance, on May 18, 2021, Pancakeswap processed $6.7 billion worth of swaps.

Decentralized Exchange Volumes Double Overnight — A Look at the Top 3 Dex Platforms in 2021
Pancakeswap liquidity and daily trade volume on June 29, 2021, according to pancakeswap.info data.

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

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

Decentralized Exchange Volumes Double Overnight — A Look at the Top 3 Dex Platforms in 2021
Trailing seven-day dex trade volume and market share on June 29, 2021.

Sushiswap’s volume is lower on June 27, than Pancakeswap’s $388 million in swaps as Sushiswap gathered $221,535,002 in 24-hour trades that day. Sushiswap still commands higher daily trade volumes than dex platforms like 0x Native, Curve, Dodo, Bancor Network, and Balancer.

While Sushiswap obtained 9.9% of the seven-day cumulative dex trade volume last week, the top dex application Uniswap processed 67.5% of all global trades.

Cumulative dex stats show over $2 billion was traded on 16 different dex platforms and $15 billion total over the last week. Of that $15 billion, Uniswap captured $10.3 billion of all that volume and outshines Sushiswap and Pancakeswap’s volumes combined.

Cryptocurrency advocates expect dex applications to continue growing in popularity and overall trade volume. Reason being, most dex applications are noncustodial by design and don’t require submitting identity information in order to swap 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 trailing last seven days.

As mentioned above, earlier dex applications like Bisq suffered from liquidity issues and since the inception of financial tools like Ethereum-based automatic-market makers (AMMs) and dex smart contracts, that all changed.

As dex trade volumes on networks like Ethereum and Binance Smart Chain continue to climb this summer, just like the heat outside, crypto liquidity is guaranteed to rise as well. In addition to dex apps on ETH and BSC, other blockchains with smart contract and AMM functionality are racing to catch up to these defi giants.

What do you think about growing dex volumes and the major dex players in the space? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory