Hassan Maishera
Decentralized exchanges are gaining adoption
Recent data has revealed that the trading volume on decentralized exchanges (DEXs) for November is close to the $100 billion mark. This latest development shows that DEXs are gaining widespread adoption within the crypto space.
According to the recent data, the total DEX trading volume for November is approximately $99.5 billion as of November 28. The monthly DEX trading volumes have been increasing since hitting a low of $56 billion in July, thanks to the bearish market.
However, the market trend has improved in recent months, and investors are pouring money into the decentralized exchange space. The $99 billion recorded in November so far has surpassed the $89.15 billion reported last month.
Uniswap v3 and v2 exchange protocols continue to dominate the market, reporting $47.37 billion and $24.07 billion, respectively. Uniswap is the most popular decentralized exchange, and it is hosted on the Ethereum blockchain. The protocol records over $1 billion in daily trading volume.
Sushiswap and Curve are some of the other leading decentralized exchanges in terms of the trading volume. Despite the recent surge in DEX trading volume, the $162.3 billion reported in May remains the highest.
Decentralized exchanges still lag behind their centralized counterparts in terms of trading volume. Binance, the world’s leading crypto exchange, records over $20 billion in daily transaction volume. This is more than the decentralized exchanges combined.
Binance’s dominance continues to grow, as the second-placed Coinbase only records around $5 billion in daily transaction volume. The decentralized exchanges still have a long way to go before they can challenge the leading centralized exchanges like Binance, KuCoin, Coinbase and Huobi.
The crypto market is starting to recover from last week’s slump, with Bitcoin now trading above the $57k level again. The market could rally higher over the coming weeks and months as analysts remain optimistic.
