Decentralized Exchange Volume Rose 160% in August
September 02, 2020 @ 10:50 +03:00
Aggregate trading volume on decentralized exchanges reached $11.6 billion in August, up from $4.5 billion in July as the intense enthusiasm for decentralized finance (DeFi) applications continued to spread.
Leading decentralized exchange platform Uniswap reported a 283% volume increase in August, reaching $6.7 billion after topping its July record less than two weeks into the month, as CoinDesk previously reported. Only two decentralized trading platforms – Loopring and Oasis – reported a drop in volume over the past month, falling 5% and 3%, respectively.
Along with aggressive volume growth, Uniswap reported an almost 100% increase in the total trading pairs listed on the platform, totaling 6867 as of Monday. By design the platform allows any user to create and list a token. Currently 6,020 assets are available for trading.
The effects of decentralized exchanges’ exponential growth is seen in traditional cryptocurrency exchanges listing a variety of tokens that originated on platforms like Uniswap.
Decentralized Exchange Volume Rose 160% in August to $11.6B, Setting Third Straight Record, CoinDesk, Sep 2