Years ago the cryptocurrency community did not have access to a plethora of decentralized exchanges (dex). In 2020 with the rise of Ethereum, dex platforms have grown exponentially with trading applications like Uniswap, 0x, Kyber, and more.
Dex trading growth has spiked over 68% this week alone and during the last seven days, $2.4 billion was swapped on these exchanges.
Onchain data from Dune analytics shows that more than $2.4 billion in decentralized exchange (dex) swaps took place last week and $448 million worth during the last 24 hours.
Dex platforms on Ethereum have exploded with demand and every week dex trade volumes have swelled higher and higher. Today according to statistics, the billions of weekly trade volume stems from defi exchanges like Uniswap, Balancer, Kyber, Synthetix, Bancor, Loopring, Ddex, Curve, 0x, Idex, Dydx, Oasis, and Gnosis.
For weeks now and today, statistics show that Uniswap is the most popular dex out there in terms of trade volume.
The top five dex platforms include Uniswap, Curve, Balancer, Kyber Network, and 0x. Essentially these exchanges allow people to trade value whether it be synthetic bitcoin like WBTC, stablecoins like DAI, or any Ethereum token standard.
The platform Uniswap is a dex that runs on the Ethereum blockchain and it allows permissionless swaps between ETH and over 200 ETH-based tokens. Instead of leveraging the typical order book model, Uniswap utilizes smart contracts and liquidity pools. On Saturday, 56% or $193 million out of the $448 million of 24-hour trades happened on Uniswap.
21.3% of today’s dex trades are taking place on Curve a decentralized exchange liquidity pool…