Decentralized exchanges (DEXes) stretched to more than $11 billion before the month of August ended. The continued growth of the DeFi space was said to be a contributing factor.
The impressive performance of DEXes last month can be due to the latest events that are happening in the DeFi space. Today, Uniswap, with its total value locked (TVL) amounting to $1.65 billion, dethroned Aave in its top position in the DeFi space. As of now, Aave ranks behind Maker with a TVL of $1.53 billion.
Based on the research done by Dune Analytics, DEX performance in August outshined its July performance with a whopping 152% month-over-month increase. As seen in the above chart, the value of DEX in the month of August reaches over $11 billion in volume which is a lot bigger than its July achievement of $4.4 billion.
Another thing that pushes DEX in breaking its limit is the platform Uniswap. It is said that Uniswap accounts for almost 58% of the overall DEX volume last month. Dune revealed that Uniswap stands its ground as the market leader for volumes. Notably, it has an estimated $2.5 billion volume in the past week alone.
Before month end, Uniswap surpassed Coinbase in terms of daily volume. This event made the creator of Uniswap Hayden Adams react.
🦄 Uniswap: $426M
🏦 Coinbase: $348M
Hard to express with how crazy this is. pic.twitter.com/48o0xRkiUo
— Hayden Adams 🦄 (@haydenzadams) August 30, 2020
The impressive growth of the DeFi space impedes competition against centralized exchanges. Based on the volume that DEX achieves, it is just a matter of time before DEXes take over centralized exchanges and dominate the industry.