Trading traffic on decentralized exchanges (DEX) on Ethereum has reached record levels.
In January, the monthly volume traded exceeded US $ 63 billion. Meanwhile, in February, the figure exceeded $ 61 billion, with a few days left to close the month.
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As a result, the total traded in the first two months of the year already exceeds the volume of business handled throughout the year 2020. Last year, about $ 115 billion went through DEX platforms, according to the data company of Ethereum , Dune Analytics.
The new historical record established represents an increase of 240% in relation to the previous record, registered in September 2020.
At that time, DEX platforms mobilized a trading volume above US $ 28 billion.
Uniswap growth
On Tuesday (23), the Uniswap platform doubled its turnover at the beginning of the year. On that day, the platform generated US $ 1.8 billion. That is, 200% more than the US $ 872 billion handled on January 26.
These results show Uniswap's dominance in the sector. Altogether, the platform concentrates 48% of the total traded by all DEXs, followed by Sushiwap, with 24%.
The other platforms look to this leadership from afar. After all, the most immediate competitor is 0x, which barely controls 8% of the total volume traded.
However, in addition to the Ethereum ecosystem, Uniswap is no longer the absolute leader in the DEX market, a position it held for a long time.
This is because the PancakeSwap platform, developed on the Binance network, managed to position itself in the first place in the ranking according to the volume of sales in the last 24 hours.
Therefore, the fight between decentralized exchanges is fierce. Proof of this is that, in the last few hours, the decentralized exchange MDEX dominated this market. The platform was launched on the public network of Heco and has only two months of operation.
According to data from Coingecko, MDEX processed more than $ 7 billion in business in the last day. Thus, it accounted for around 64% of the total volume traded by DEX.
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