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Cryptocurrency News Articles
DEX Volume Rose 160% in August to $11.6B, Setting Third Straight Record
Jun 04, 2024 at 09:05 am
August trading volume on decentralized exchanges set its third consecutive monthly record high after climbing 160% from July, according to Dune Analytics.
Decentralized exchange volume set its third consecutive monthly record high in August, climbing 160% from July to $11.6 billion, the latest Dune Analytics data shows.
The leading decentralized exchange platform, Uniswap, saw a 283% volume increase, reaching $6.7 billion after topping its July record less than two weeks into the month, CoinDesk previously reported.
Only two decentralized trading platforms – Loopring and Oasis – reported a drop in volume over the past month, falling 5% and 3%, respectively.
Along with aggressive volume growth, Uniswap also reported an almost 100% increase in the total trading pairs listed on the platform, now totaling 6867 as of Monday.
By design the platform allows any user to create and list a token. Currently 6,020 assets are available for trading.
The effects of decentralized exchanges’ exponential growth is seen in traditional cryptocurrency exchanges listing a variety of tokens that originated on platforms like Uniswap.
For example, there is Binance-listed Balancer’s token, Poloniex-listed Tendies Token and FTX-listed yearn.finance in addition to a perpetual futures index of the top 100 coins on Uniswap.
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