Ethereum-powered decentralized exchanges, or DEXes, proceed to surge regardless of excessive transaction charges — with DEXes processing greater than $120 billion in 2021 to date.
In accordance with Ethereum market analytics platform Dune Analytics, mixed DEX volumes posted a brand new document of $63 billion in January. February’s quantity at the moment sits at $59 billion and is on observe to hit $67 billion on the month’s finish.
DEXes have already processed extra quantity within the first two months of 2021 than throughout all earlier years mixed.
The Ethereum-powered DEX sector continues to be dominated by Uniswap and Sushiswap, who account for 65% of February’s commerce mixed. Uniswap at the moment represents greater than double Sushi’s quantity, controlling virtually 50% of DEX market share.
Nonetheless, wanting on the weekly variety of energetic traders on every platform exhibits that Uniswap represents greater than three-quarters of Ethereum DEX customers. During the last seven days, practically 142,000 distinctive wallets traded on Uniswap, adopted by decentralized trade aggregator 1inch with roughly 18,450 merchants, and SushiSwap with 8,911.
Nonetheless, not all DEX buying and selling exercise is happening on Etheruem, with Binance Chain’s Pancake Swap surging to report a each day buying and selling quantity behind of greater than $1.1 billion.
Regardless of some customers migrating away from Ethereum-based DEXes, confidence within the sector as an entire is at an all-time excessive, with the full worth locked in these exchanges sitting above $40 billion for the primary time throughout current weeks.