Decentralized Exchanges Reach A Milestone High Of $10 Billion
Decentralized Exchanges Reach A Milestone High Of $10 Billion
March 23, 2021
Decentralized Exchanges Reach A Milestone High Of $10 Billion
Decentralized Exchanges Reach A Milestone High Of $10 Billion
March 23, 2021

Report said that decentralized exchanges have reached a milestone high of $10 billion.

It has been reported by Messari that volumes and liquidity on decentralized exchanges have surged in 2021, where researcher Rahul Rai noted that DEX volumes for February soared to a record $72 billion.

However, DappRadar reports that Uniswap has over half of the total liquidity locked up in DEXes with a TVL of $5.4 billion.

Rai added:

“A number of inherent problems such as impermanent loss (IL), capital efficiency, slippage, gas costs, speed, and multi-token exposure are holding them back.”

Likewise, Dune Analytics stated that Uniswap’s dominance over the Ethereum-powered DEX sector is growing, with the exchange hosting around $6.5 billion worth of weekly trade or 62.2% of combined trade across Ethereum DEXes.

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The report said that rival DEX SushiSwap, which was spawned in late August 2020 as a Uniswap fork and has big plans for 2021, is the second place by volume, with $1.6 billion in weekly trade or 15.2% of the sector’s total trade. DeFi aggregators are growing at an unprecedented rate, with volumes so far this year already dwarfing that of the entirety of 2020.

According to Dune Analytics, the 1inch exchange is currently top in terms of volumes with a little over $1 billion in the last week.

Thus, the sector’s combined volume for March has already tagged $44.3 billion more than October and November 2020 combined.

Source: Cointelegraph | Image: Bitrates


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.