Uniswap leads decentralized exchanges (DEXs) with nearly $79.000 billion in trading volume this November.
El decentralized exchange (DEX) Uniswap, continues to lead the ecosystem of decentralized finance or DeFi. During the month of November, Uniswap recorded a trading volume of $78.490 billion, as indicated by data from Dune Analytics. According to the DeFi ecosystem data provider, the daily trading volume within Uniswap exceeds $2.500 billion on average; while the weekly volume, recorded over the last 7 days, reached $21.640 billion. These figures highlight the leadership that the decentralized exchange founded by Hayden Adams and launched in 2018 continues to exercise over the DeFi ecosystem.
Uniswap’s monthly trading volume recovered 28% compared to last October, but remains 5,5% below the volume recorded in May, when it reached an all-time high of $83.126 billion in transacted volume.
Source: Dune Analytics
The number of active users on Uniswap is around 180 thousand per week, so the operations taking place within this DEX are around an average of $100.000. On the other hand, the second most used DEX within the decentralized finance ecosystem is SushiSwap, which maintains a weekly trading volume close to $4.000 billion.
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Uniswap V2 vs Uniswap V3
Uniswap V3, the iteration of the DEX that launched in May of this year to introduce several improvements to the protocol such as capital efficiency for liquidity providers (LPs), is where the majority of trading volume has taken place during the month of November. The Block Research, which also tracks metrics in DeFi, notes that around 48% of all trading volume on DEXs has moved through Uniswap V3, while around 2% of all trading volume recorded this month has been transacted on Uniswap V25.
Source: The Block Research
Other popular DeFi DEXs such as Balancer, Synthetix, Kyber Network, dYdX, 0x, DDEX, SerumSwap, and 7 others moved close to $3.800 billion during November. On the other hand, Uniswap's BSC rival PancakeSwap recorded a trading volume of 48.930 million in November, down 37,6% from the total volume transacted on Uniswap. PancakeSwap’s daily trading volume averaged $1.680 billion.
48% growth in the last year
The popularity of DEXs has grown significantly over the past year. Monthly data from Dune Analytics shows that for the month of January, the volume transacted across Ethereum-built DEXs stood at around $68.000 billion, while the total volume recorded during November exceeded $133.000 billion; showing a growth of approximately 48%.
The data provider also notes that, to date, more than 4,26 million users or entities, measured in unique active addresses, have interacted with decentralized exchange protocols.
Continue reading: Uniswap V3 hits the Ethereum mainnet
