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2021 DEX Volumes Have Surpassed $120 Billion

  • 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.

Ethereum DEX transactions have continued to rise despite the high gas fees. The ETH network was so congested that Binance exchange temporarily stopped ETH and ERC-20 withdrawals earlier this week.

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.

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Tina Mutare

Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.

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