Decentralized crypto exchanges or DEXs, which make up an essential part of Ethereum’s Decentralized Finance (DeFi), have been growing significantly. According to a recent report by DappRadar, a data analysis company for Dapps, the top seven DEX recorded more adoption this year, compared to the previous year.
Decentralized crypto exchanges see 262 percent increase, YoY
Having analyzed the performance of the seven leading decentralized crypto exchanges, such as Uniswap, 0x, Airswap, etc., DappRader confirmed in the report that the number of traders on the platforms included: the trading volume, grew substantially. On a YoY chart, these decentralized crypto exchanges posted about 262 percent growth on the trading volume last year.
Precisely in the first five months of 2019, the DEXs posted only $7.04 million in trading volume. However, the top seven exchanges alone see up to $2.5 billion in trading volume this year over the same period of months. The growth also accounts for a 144 percent increase when compared to the record in May last year and May 2020, according to the report.
After the severe market crash in March, the trading volume on decentralized crypto exchanges reportedly increased by 42 percent in May, including the trader count, so that the overall growth in May was 72 percent, while trading volume spiked by 177 percent when compared to January 2020.
The top seven decentralized crypto exchanges saw a 38 percent increase on average trader count in May compared to the previous month (April). Particularly, Bancor recorded a 43 percent increase, 75 percent on IDEX, 49 percent on Uniswap, and 16 percent on Kyber. However, other DEXs such as Airswap saw a decline in average trader count.
Conclusively, Uniswap is currently the leading DEX with a total market share of 31 percent, according to DappRadar. As of last year, IDEX led the market with a total share of almost 40 percent.