- Decentralized exchanges’ (DEX) monthly trading volume has increased to more than $50 billion just in January.
- On the other hand, top centralized exchange Binance saw a $34 billion increase.
- According to OneBit Quant chief Peter Chan, centralized exchanges still rule.
According to Dune Analytics data, decentralized exchanges’ (DEX) 1-month trading volume has risen to over $50 billion. At the time of writing, the figure is up to $53.46 billion, an all-time high (ATH).
This recent ATH may be due to many traders who are now shifting to DEXs, including Global Digital Assets CEO Michael Gord.
I traded a lot on DEXs. They have deeper liquidy and less slippage than traditional exchanges.
On the other hand, centralized crypto exchange Binance saw a $34 billion surge. Based on Binance’s significant surge, OneBit Quant head Peter Chan said that despite DEX volume, centralized exchanges “still rule.”
However, Chan expressed that he is pleased to see such DEX progress within the DeFi space. Chan added that DEX fees might also increase due to its significant volume spike. Also, he said that for small trades on DEX, gas fees could take up to 20% to 30% of each trade.
Meanwhile, meme cryptocurrency Dogecoin (DOGE) has also skyrocketed due to Reddit-fueled trades. Also, Ethereum’s price rose to about $1,340 at the time of writing, which makes an 8.2% increase in the last 7 days.