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Decentralized Exchange Volumes Hit Record Above $50B in January
Uniswap represented over 45% of total DEX volume.
January trading volume on decentralized exchanges soared to set an all-time high above $50 billion, eclipsing the previous record of $26 billion from September 2020 by a wide margin, according to data from Dune Analytics.
STORY CONTINUES BELOW
- Aggregate volumes reached $55.8 billion last month, up from $23.5 billion in December 2020.
- Volume on this new class of trading platform continue to grow "as traders increasingly prefer transacting in a crypto-native environment," according to Jack Purdy, decentralized finance analyst at Messari. "This will likely continue as they become more liquid and the user experience improves to rival their centralized counterparts," he told CoinDesk.
- Uniswap represented over 45% of total volume in this category of exchanges, with $25.9 billion traded in January, per data from Dune.
- Noted Uniswap rival Sushiswap claimed nearly 22% of total volume, with $12.2 billion last month.
- Two trading platforms – Gnosis and DDEX – saw negative growth in January, however, with both exchanges showing volumes double-digit percentages lower than the previous month.
Zack Voell
Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.
