A new quarterly report published by the cryptocurrency data aggregator CoinGecko shows that DeFi’s decentralized exchanges saw their trading volume rising high significantly in the third quarter of the present year. According to the report, the average monthly trading volume of major decentralized exchanges (DEXs) skyrocketed by 197 percent in the previous two to three months. Comparatively, centralized exchanges witnessed a decline in their average monthly trading volume.
DeFi’s hype is said to have driven this growth in the trading volume of decentralized exchanges over the course of recent months. The report said that the decentralized finance (DeFi) hype was at the peak level in the month of August. In this month, various new decentralized exchanges were rolled out such as SushiSwap and Serum.
As per the data from the CoinGecko report, the total trading volume of DEXs was standing at around $3.8 billion in the month of July when the third quarter started. In the next month, their trading volume reached $12.6 billion in August. It kept on increasing further till the time this figure skyrocketed to over $30 billion in the month of September. That is a massive increase of 197 percent that these major decentralized exchanges have recorded during the third quarter.
The report went on to add that the decentralized exchange Uniswap and SushiSwap were one of the top-performing DEXs in the previous quarter. Uniswap’s trading volume increased potentially during the past few months. Uniswap was responsible for 63 percent of the decentralized exchanges’ entire trading volume in September. This growth occurred as a result of the increased total locked value in this protocol which has jumped above $2.70 billion so far. It is the only DeFi protocol whose TVL is standing above the $2 billion figure at the moment. Uniswap is now competing with major cryptocurrency exchanges such as Binance, OKEx, Coinbase, etc.
Where DEXs’ trading volume has been rising high, the average monthly trading volume of centralized exchange decreased down. As per the report, CEXs trading volume was standing at around $314 billion in the month of August. However, it dropped by 35 percent in September and reached approximately $300 billion.