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.
DEX records set in February: + $72 billion in volume + nearly $10 billion TVL @rahul_rai121 dives deep into the DEX landscape https://t.co/E9o4ocDjxK — Messari (@MessariCrypto) March 19, 2021
However, DappRadar reports that Uniswap has over half of the total liquidity locked up in DEXes with a TVL of $5.4 billion.
“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.
DEX volumes in February have soared to a record $72 billion. @Uniswap is leading the way with $5.4 billion in TVL, but will @sushiswap give them a run for their money? https://t.co/pFQML355XQ — Cointelegraph (@Cointelegraph) March 22, 2021
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.