According to Dune Analytics, the turnover of decentralized exchanges in September reached $23.6 billion against $11.6 billion in August. The main reason for the continuing growth is the continuing speculative interest in tokens from the decentralized finance space (DeFi).
The leading DEX is Uniswap with a 128% increase in September. Its trading volume was $15.3 billion and surpassed the August figure in just the first 10 days of the month. DEX Serum, which was launched in September, was also positively influenced by the current trends. In less than two weeks, its turnover reached $50 million.
Despite the growth of total volumes, not all decentralized exchanges increased their turnover separately. Thus, Curve, Uniswap and 0x added 180% to 70%, while dYdX, Bancor and IDEX lost 75%.
There is a tendency to increase the turnover of decentralized exchanges that have launched their own tokens, as in the case of Curve and Uniswap. According to the observations of Messari analyst Jack Pardy, such protocols attract more liquidity, as they reward its suppliers with their tokens, as a result of which the slip bridge decreases and trading opportunities become more favorable.
"Strong incentives at Uniswap and Curve have allowed them to absorb the volumes of some other decentralized exchanges that do not have such incentives," Pardy said.
Posted Using LeoFinance Beta
Source
Direct translation without giving credit to the original author is Plagiarism.
Repeated plagiarism is considered fraud. Fraud is discouraged by the community and may result in the account being Blacklisted.
If you believe this comment is in error, please contact us in #appeals in Discord.
Please note that direct translations including attribution or source with no original content are considered spam.