Decentralized exchanges (DEX) are about to reach $100 billion for their 12-month total trading volume, according to Dune Analytics. Consequently, there are also 986,606 total unique trading addresses.
— Dune Analytics (@DuneAnalytics) December 15, 2020
Of all these DEXs, decentralized finance (DeFi) frontrunner Uniswap leads the pack, accounting for at least 100,000 traders. Following Uniswap is its popular fork SushiSwap with 3,315 — a far cry from Uniswap’s number.
Consequently, Uniswap’s 7-day trading volume is at least $2.2 billion. Meanwhile, 0x overtook SushiSwap in the same area, reaching $559 million, whereas the latter only had $403 million. Meanwhile, these exchanges attained over $3.8 billion in trading volume for the last 7 days., and $18.75 billion in the last 30 days.
As the chart above shows, Uniswap accounts for over 57% of all transactions done in the last 7 days. Additionally, its trading volume for the last 24 hours is $318,547,809. Also, it surpassed popular cryptocurrency exchange Coinbase at least a couple of times before.
However, traders need to check the security of the platform that they will use, since not all are as safe as major DEXs. In fact, a report by Cer Live revealed that the majority of DEXs are unsafe. Aside from Uniswap and Syntetyx, Cer Live wrote that these DEXs also need to prioritize their security.