During the last 12 months, Ethereum-based decentralized finance (defi) solutions and decentralized exchange (dex) platforms have been very popular. Dex applications, in particular, have seen massive demand and during the last 30 days, dex trade volumes have reached $39 billion in swaps. However, one of the biggest issues confronting dex users continues to be the enormous fees associated with interacting with platforms like Uniswap and other dex platforms.
Ethereum’s Decentralized Exchange Platforms See Record 30 Day Trade Volumes
Dex applications like Uniswap, 1inch, Sushiswap, 0x, Matcha, Kyber, and others have been very popular platforms during the last year. The defi market aggregator defipulse.com shows that there’s over $22 billion in value locked into defi platforms today. A considerable amount of this locked ether value is also represented by dex applications and the growing user base. On January 14, 2021, stats from Dune Analytics shows that during the last month, dex trade volumes gathered $39.86 billion. Dex applications have seen $12 billion in swaps during the last seven days, and the top dex application in terms of volume is Uniswap.
Uniswap’s trade volume is followed by Sushiswap, Curve, 0x, and Balancer respectively. Every week, Uniswap and Sushiswap are seeing billions in global trade volume and Uniswap is the fourth largest defi application, according to current stats with around $2.77 billion total value locked (TVL). However, even though decentralized exchanges have seen large TVL balances and significant trade volume, the crypto community has been flabbergasted by the fees associated with Ethereum-based dex applications.
Crypto Users Complain About Massive Dex Fees
For instance, the popular Bitcoin researcher and author, Hasu, recently said that some “defi projects produce nearly as…