- DEX trading volumes have surpassed $120 billion year to date.
- 2021 DEX volumes surpass all previous year volumes combined.
- Ethereum DEX continues to dominate despite high transaction fees.
Decentralized Exchange (DEX) has surpassed $120 billion since the year started. This means that DEX 2021 trading volumes have surpassed all the other years combined.
Dune Analytics reported that the Ethereum (ETH) DEX market recorded $63 billion in January alone. In addition, Dune predicts that the ETH DEX will surpass $67 billion by the end of February. This makes an excess of $120 billion.
Regardless of delays and high gas costs, ETH DEX have continued to dominate the market. Based on CoinMarketCap data, MDEX, a Heco Chain and ETH ecosystem, has slightly over 50% market dominance. MDEX surged 246.33% in the last 24 hours with a trading volume of $3,204,649,270.
Market favourite Uniswap is down 42% with a trading volume of $999,741,273. Earlier this month, Uniswap became the first DEX to hit $100 billion in trading volume.
PancakeSwap market share is third-highest at 13.7% market with $879,668,663 in trading volume. PancakeSwap is a Binance Smart Chain-based exchange proving that there is room for other blockchains in the DEX space.
As ETH congestion and high fees persist, Ethereum is becoming a whale blockchain. As a result, retail investors are moving to smaller exchanges. Binance Smart Chain, for instance, recently hit 2.7 million transactions in 24 hours.