In January, the volume of trading on decentralized exchanges (DEX) reached a record high of $55.8 billion, which is significantly higher than the previous high of $26 billion in September 2020.
According to Dune Analytics, the total volume of trading on decentralized exchanges reached $55.8 billion last month, compared to $23.5 billion in December 2020. According to Jack Purdy, an analyst for decentralized finance at Messari, the volume of trading on DEX continues to grow, ” as traders increasingly prefer these types of transactions.”
“Trading volumes are likely to continue to grow as decentralized exchanges become more liquid and the user interface improves to compete with their centralized counterparts,” Purdy said.
Uniswap accounted for more than 45% of the total volume of transactions, and in January, the trading volume on the platform was $25.9 billion. Uniswap’s competitor, the Sushiswap platform, handled almost 22% of the total $12.2 billion in transactions last month. However, the Gnosis and DDEX platforms showed negative dynamics in January – trading volume on both exchanges significantly decreased compared to the previous month.
Recall that on January 8, the price of bitcoin for the first time in the history of the cryptocurrency market exceeded $41,000, and the market capitalization of Ethereum reached a record high of $143.5 billion. Thanks to this, BTC miners earned more than $1.09 billion in January, which was the highest figure since December 2017, and ETH miners received revenue of $800 million, which exceeds the highs of 2018.