Decentralized finance (DeFi) is growing as one of the key factors behind the growth of the crypto sector establishing itself as an essential part of the acceptance of widespread cryptocurrencies.
Do we have DeFi to thank for further crypto adoption? Total volume swells above $50 billion with @uniswap leading the way. https://t.co/3byWr9bL0L (Reporting via @CointelegraphMT) — Cointelegraph (@Cointelegraph) February 2, 2021
Delphi Digital recently stated that there has been a 440% spike in “the circulating market cap of leading DEX protocols over the past 30 days,” leading to “the trading volume they facilitate to rise along with them.”
In January 2020, the DEX volume recorded a new all-time high with a total above $55 billion which is more than double the previous high of $26 billion in September 2020.
Presently dominating the field Uniswap is in with a total of $29.5 billion in volume in January which represents 45% of the volume traded by all DEXes. Although its closest rival accounted for 22% of the total volume, with $12.2 billion transacted.
As of Feb. 2, the total value locked on DEX platforms also hit a new all-time high value of $9.948 billion including 36% of the total $27.785 billion locked on all DeFi-related platforms.
Uniswap is once again leading all DEXes in terms of TVL along with $3.18 billion locked on the protocol, whereas curve DAO came in second with $2.97 billion, accompanied by Sushiswap with $2.34 billion.
Uniswap is once again leading all DEXes in terms of TVL along with $3.18 billion locked on the protocol, whereas curve DAO came in second with $2.97 billion, accompanied by Sushiswap with $2.34 billion.
Both the Uniswap and SushiSwap protocols have built-in fee structures, as discussed by Delphi Digital allowing the token holders the chance to invest their UNI or SUSHI and earn rewards.
Such incentives assist in further facilitating the growth of DEXs and DeFi in general as decentralized protocols seek to claim more of the available market share from centralized exchanges.
Source: Cointelegraph | Image: freepik