Led by Uniswap, decentralized exchange volumes soared above $50B in January

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Decentralized finance (DeFi) has emerged as one of many driving forces of crypto sector development, and it is usually establishing itself as an integral component driving widespread adoption of cryptocurrencies. 

A current report from Delphi Digital factors out that there was a 440% improve in “the circulating market cap of main DEX protocols over the previous 30 days,” which has additionally led to “the buying and selling quantity they facilitate to rise together with them.”

Circulating market cap of DEX protocols. Supply: Delphi Digital

DEX quantity in January 2020 set a brand new all-time excessive mixed whole above $55 billion, greater than double the earlier excessive of $26 billion in September 2020.

Uniswap currently dominates the field, with a complete of $29.5 billion in quantity in January, representing 45% of the quantity traded by all DEXes, whereas its top competitor, SushiSwap, accounted for 22% of the whole quantity, with $12.2 billion transacted.

Month-to-month DEX buying and selling quantity. Supply: Delphi Digital

The full worth locked (TVL) on DEX platforms has additionally reached a brand new all-time excessive worth of $9.948 billion as of Feb. 2, comprising 36% of the whole $27.785 billion locked on all DeFi-related platforms.

Uniswap as soon as once more leads all DEXes when it comes to TVL, with $3.18 billion locked on the protocol, whereas Curve DAO got here in second with $2.97 billion, adopted by SushiSwap, which has $2.34 billion.

Whole worth locked in DEXs. Supply: DeFi Pulse

As mentioned by Delphi Digital, each the Uniswap and SushiSwap protocols have built-in charge constructions that enable tokenholders the chance to stake their UNI or SUSHI and earn rewards.

Incentives like these assist to additional promote the expansion of DEXs and DeFi usually as decentralized protocols look to assert extra of the obtainable market share from centralized exchanges.