Decentralized exchanges saw a 24.67% growth in trading volume, reaching $39.99 billion, with Uniswap leading at $10 billion and $1.88 billion in TVL.
Trading in decentralized exchanges (DEXs) experienced a substantial surge last week, reaching $39.99 billion. The growing rate of 24.67% this week indicates decentralized finance’s burgeoning popularity.
Uniswap maintained its position as the most successful among the top performers, with a total value locked (TVL) of $1.88 billion and a trading volume of $10 billion. Phoenix, a crypto media platform, published the list of the top decentralized exchanges (DEXs) by weekly trading volume on its official X account.
Uniswap Maintains Surge as DEX Trading Gains 24.67%
Uniswap continues to be the dominant participant in the decentralized exchange market, with a weekly trading volume of $10 billion. Massive augmentations are becoming increasingly prevalent.
With a weekly volume of $6.41B and a TVL of $789.2M, PancakeSwap was a well-established platform, while Raydium generated $4.29B in transactions. This increase signifies a shift in the market, as users are now employing these platforms to hypodense their transactions, increase liquidity, and yield farm.
Aerodrome, Curve, and Orca also influenced the weekly increase. Orca’s volume was $3.08 billion, while Aerodrome and Curve’s volumes were $3.08 billion and $1.51 billion, respectively.
The activity in these exchanges has been on the rise, thanks to the innovative DeFi solutions that have attracted retail and institutional participants. Traditional centralized exchanges are still being challenged by the competitive dynamics within the DEX space, as evidenced by the diversity in trading volumes.
The market Share of Decentralized Exchanges has Increased to 24.43%
The overall dominance of decentralized exchanges compared to centralized ones increased to 24.43%, which is a significant indicator of the increasing confidence in decentralized systems. The growing preference for DEXs underscores the broader decentralization trend in the crypto ecosystem.
Additionally, smaller players like ThorChain, DODO, and LFJ are acquiring momentum, contributing over $950M, $621M, and $531M in weekly volume, respectively.
