Decentralized exchanges (dex) have seen a significant drop in monthly trading volumes since January 2022. While there was a brief spike in volume in November 2022, dex trade volumes have been lackluster for the past 44 days. As of January 14, 2023, Uniswap version three (V3) leads the pack with the highest trade volume in the past 24 hours at $1.9 billion and the second-highest total value locked (TVL) at $3.57 billion. Curve also holds a significant position with the second-largest trade volume at $399 million in 24 hours and the highest TVL in terms of assets locked in dex platforms at $4.19 billion.
In the first two weeks of January 2023, global swaps settled among dex platforms amounted to $15.33 billion. This is approximately 35.12% of the total volume recorded last month, which was around $43.65 billion. With a recent spike in global cryptocurrency market prices, dex trade volumes have seen a boost over the last few days, with Uniswap V3 leading the way with the highest volume at $1.9 billion in swaps in the last 24 hours.
According to data from coingecko.com, the 24-hour decentralized exchange volume on January 14, 2023, shows Uniswap dominating the market with $1.9 billion in trades, followed by Curve at $399 million, Balancer at $190 million, Pancakeswap at $176 million, and other platforms like Uniswap Polygon, Uniswap Arbitrum, and Sun.io. The top five smart contract platform tokens have also seen double-digit gains in the past week, including Ethereum, Binance Coin, Cardano, Polygon, and Solana.
In terms of total value locked (TVL), Curve is leading the way with $4.19 billion, followed closely by Uniswap at $3.57 billion. Other dex platforms like Pancakeswap, Balancer, Sun.io, Sushi, and Biswap also have significant TVL figures. Out of the 671 dex platforms available, there is a total value locked of $17.4 billion among decentralized finance (defi) protocols. Non-custodial exchanges have gained popularity in the crypto world by allowing users to trade tokens without the need for intermediaries.
Both centralized spot market exchanges and decentralized exchanges have seen a decline in trading volumes in recent months, with the crypto winter affecting the market. Despite this, dex platforms continue to play a crucial role in the crypto ecosystem, providing users with the ability to swap or trade cryptocurrency without the need for a centralized authority. As the market continues to evolve, dex platforms are likely to remain significant players in the cryptocurrency space, offering users a decentralized and secure way to trade digital assets.
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