Ethereum DEX Trading Reached Half A Billion In A Day

Ethereum DEX trading has just reached half a billion in one day as it is growing rapidly with more than $13 billion for the year so far. Following the latest Ethereum news, we find out more today.

Decentralized exchanges are booming this year with more than $420 million in volume in the past day. More than $13.5 billion in volume passed through DEX so far while less than $3 billion were traded in all of 2019. Uniswap captured more than half of the DEX volume clearing the $1 billion in July and more than that in August. Decentralized exchanges processed more than $420 million in trading volume over the past day according to the data by Dune Analytics which is a recorded growth of 20%.

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🌪 DEX volume for 2020 so far $3,6B – up 50% from the 2019 total. March saw $1B alone 🤯

💫 More stats are now included

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The recent increase in Ethereum DEX trading volume saw more than $4.4 billion in value traded in July with more than $3.1 billion captured less than half of the month of August. $420 million in one day is more than the DEXs pulled in an entire month back in 2019 and the $4.4 billion for the month of July which is more than the decentralized exchanges have managed to generate for all of 2020. The figures demonstrate that decentralized finance applications are now taking a hold offering interesting user experiences and unique trading strategies in spite of the huge transaction fees on the ETH network.

Decentralized Exchanges use smart contracts to allow users to swap between crypto-assets using reserves of tokens that are locked in the protocol by the liquidity providers. Swaps are executed on the ETH blockchain allowing users to avoid hurdles such as Know-your-customer verifications and relinquishing custody of their coins to an exchange wallet that can be easily hacked. Liquidity providers are rewarded with the transaction fees that will be funneled to owners and executives at centralized exchanges.

Some DEXs such as 0x, have been around since 2017, during the ICO craze and therefore they saw a little adoption of the protocols. Less than $3 billion in value was transacted and 2020 has already seen more than four times that amount. By far, the most popular decentralized exchange was Uniswap that had its upgrade in May. Uniswap saw a volume of more than $1.7 billion in July and $1.5 billion in August.