Victor Ugochukwu · Dec 14, 2020 . 5min read
August DEX volume surpassed the previous month by 260%
DEX volume year-to-date is $24.9 billion approximately 840% growth compared to last year.
By Victor Ugochukwu · Sep 9, 2020 . 6min read
The DEX revolution of 2020 appears to have amassed for itself nonstop turbo with August DEX trading volume surpassing the previous month by 260%.
On-chain Data filtering from Dune Analytics shows the DEX volume for August hit $11.6 billion. This surpassed July DEX volume by $7.13 billion as the total trade volume for that month was $4.47 billion.
Furthermore, as the chart above shows, since June, monthly DEX trading volume has been growing by at least 250%. July surpassed June by at least 280% and August by 250%. From all indication, the trend doesn’t appear to be slowing down as September DEX volume is already the $10 billion mark.
The staggering monthly DEX volumes in 2020, when compared with 2019, increased exponentially. For context, the entire volume traders facilitated on DEX in 2019 amounted to $2.98 billion. Fast forward to 9th September in 2020, DEX volume year-to-date is $24.9 billion. That is approximately 840% growth year-to-date.
Uniswap enjoyed more than half of August DEX volume trade.
As expected, Uniswap, which is aptly described as the DEX unicorn, controlled 58% of the entire DEX trade volume in August. The exchange saw a total of $6.73 billion trade passing through it last month.
Uniswap unarguably sparked off the DeFi boom we are currently experiencing this year with its easy-to-use interface. Crypto project owners easily bypass big centralized exchanges by listing their token on the DEX in a bid to bootstrap liquidity.
The DEX unicorn was established in 2018 by Hayden Adams and raised funds from the likes of Coinbase and other VC investment platform. More recently, it raised an additional $11 million in Series A funding.
Since this year, numerous other DEX platforms have forked Uniswap’s codebase to spinoff their own product. Some have attracted decent growth and a large community following while others have crashed and burned. Examples of some projects which copied Uniswap includes 1inch Exchange, Mooniswap, and more recently, SushiSwap.
What is trade volume without revenues? Uniswap doesn’t fall short for raking in good revenues for her backers. Data shows Uniswap made $16.2 million in revenues for August and has already surpassed as of today with $17.7 million.
With more DeFi solutions launching daily and Uniswap as the go-to platform for DEX liquidity, we expect that the trend continues at least for September.
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