Decentralized exchange or DEXs are growing like never before. While Uniswap remained the undisputed leader.
The world of decentralized finance [DeFi] has consistently proliferated in prominence over the past year owing to a large part to the strong foundations established by decentralized exchanges [DEX]. These platforms have achieved a critical milestone. In the month of February, the collective DEX liquidity raked in a fresh high of a whopping $10 billion.
This was revealed by Researcher Rahul Rai on Messari’s latest edition. The Co-founder and Partner of Gamma Capital revealed that DEXs have surged to $72 billion in volume this February. Despite the rising numbers, automated market makers or AMMs have their own fair share of problems such as impermanent loss [IL], capital efficiency, slippage, gas costs, speed, and multi-token exposure that have caused impediments.
Nevertheless, over the last 24-hours alone, DEX volume was found to be at $1.56 billion. In addition, the figure was up by 18%.
DEX Market Share
Uniswap remains unbeaten as it accrued more than half of the total liquidity locked up in decentralized exchanges with a total value locked [TVL] of $5.4 billion. Despite its humble beginnings, Uniswap comprises an astonishing 63% of the total DEX volume. It currently accommodated approximately $6.5 billion worth of weekly trade.
TWJ had previously reported that Uniswap held a market share of 48% in January. According to the charts compiled by Dune Analytics, the dominance over the Ethereum-powered decentralized exchange realm was found to have been growing at a rapid pace
Following its trail was its controversial clone platform, SushiSwap whose market share was found to be a little over 14% with a volume of $1.55 billion.
Number of traders on Uniswap stood at 190,873 while that of SushiSwap stood at 10,698, at the time of writing.
In terms of market share, Curve, in the third spot, and 0x Native, in the fourth, were the next in line with a market share of 6.6%, and 5.3%, and weekly trade volume of $686 million and $552 million respectively.