According to statistics, decentralized exchange (dex) monthly trading volumes have decreased significantly since January 2022. After a short-term spike in volume in November 2022, the dex trading volume has been weak over the past 44 days. As of January 14, 2023, Uniswap version three (V3) has the highest trading volume in the last 24 hours at $1.9 billion and the second highest total value (TVL) closed at $3.57 billion. Metrics show that Curve had the second largest trading volume on Saturday with $399 million in 24 hours and the highest TVL in terms of assets locked on dex platforms with $4.19 billion locked.
Uniswap V3 dominates Dex trading as decentralized exchange volumes remain flat
After the first two weeks of January 2023 and as of January 13, 2023, figures show that $15.33 billion of global swaps were transacted between decentralized exchange (dex) platforms. Last month, dex protocols recorded about $43.65 billion in swaps, which is 35.12% of last month’s volume during the first two weeks of the new year.
The dex trading volume has increased over the past few days, with global cryptocurrency market prices jumping 6.24% over the past 24 hours. Uniswap V3 captured the most volume with $1.9 billion swaps in the last 24 hours.
According to coinecko.com, 24-hour decentralized exchange volume on January 14, 2023.
Uniswap is followed by Curve ($399 million), Balancer ($190 million), Pancakeswap ($176 million), Uniswap Polygon ($164 million), Uniswap Arbitrum ($142 million), Sun.io ($132 million), Uniswap V2 ($91 million) follows. , and Uniswap Optimism ($77 million).
Notably, the top five smart contract platform tokens have posted double-digit gains over the past week. Ethereum has risen by 20.6%, Binance Coin (BNB) by 16.6%, Cardano by 25.4%, Polygon by 23.2%, and Solana by 68.5% against the US dollar in the last 7 days.
Total value locked (TVL) is ranked by dex platforms according to defillama.com.
The entire smart contract platform coin economy gained 8.5% against the US dollar in 24 hours. The data also shows that dex Curve is the top decentralized financial exchange by the most total value as of Saturday afternoon at 3:00 PM ET.
At the time of writing, Curve commands a total value (TVL) of $4.19 billion, and Uniswap is just below the protocol at $3.57 billion. Both Curve and Uniswap are followed by Pancakeswap ($2.46 billion), Balancer ($1.61 billion), Sun.io ($578.83 million), Sushi ($448.9 million) and Biswap ($232, 3 million dollars) follows.
The total value locked up among decentralized finance (defi) protocols from 671 dex platforms or protocols that allow users to exchange or trade cryptocurrency is $17.4 billion. Non-quiet exchanges have become a mainstay in the world of crypto assets by allowing users to trade tokens without the need for an intermediary.
While dex platforms have seen a decline in trading volume, centralized spot market exchanges have also seen declines in volumes over the past few months. The crypto winter took no prisoners in terms of centralized and decentralized exchange trading volumes, and December 2022 was particularly disappointing.
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What does the future hold for dex platforms in the ever-evolving world of cryptocurrency trading? Share your thoughts in the comments below.
Jamie Redman
Jamie Redman is Head of News at Bitcoin.com News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.
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