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Decentralized Exchange Volume Rose 160% in August to $11.6B, Setting Third Straight Record
Only two decentralized exchange protocols reported a drop in volume during August.
By Zack Voell
Updated Mar 6, 2023, 3:02 p.m. Published Sep 1, 2020, 1:33 p.m.
August trading volume on decentralized exchanges set its third consecutive monthly record high after climbing 160% from July, according to Dune Analytics.
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- 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.
- For example, there is Binance-listed Balancer’s token, Poloniex-listed Tendies Tokenhttps://support.poloniex.com/hc/en-us/articles/360051748974-Tendies-is-now-available-on-Poloniex- and FTX-listed yearn.finance in addition to a perpetual futures index of the top 100 coins on Uniswap.
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When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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