Decentralized Exchanges (DEX) continue to gain popularity among the crypto market participants. Data from Dune Analytics show that cumulative monthly volume on DEX platforms jumped sharply from $39.5 mln to $45.2 bln in less than two years.
Uniswap, which currently dominates in the DEX ecosystem, had a monthly volume of $973.30 at the beginning of 2019. Then this market share was less than 30% of the total trading volume. The monthly volume on decentralized exchanges in January 2020 exceeded $45.2 bln. The current monthly trading volume also surpassed an annual record. Although Uniswap had already started taking market share in January 2020, it was still lagging behind Synthetix. The total trading volume then amounted to about $1.03 bln.
Currently, the cumulative monthly trading volume on the DEX has increased by over 1000% since 2019. Uniswap has captured a significant share of the market. Data shows that it retained about 47% of the weekly DEX volume.
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