Metrics Show Decentralized Exchange Volumes Continue to Slide This Year – According to current statistics, decentralized exchange (dex) volumes have been declining since December 2021. Last month, though, dex transaction volumes increased by 2.37 percent over February’s figures.
Despite the small uptick, and with only a few days left in April, analytics indicate that dex volumes will be far lower this month than they were in March.
Dex platforms have become important fixtures in the crypto sector, recording over $1 trillion in transaction volume in the last year. Today, according to data from coinmarketcap.com, coingecko.com, theblockcrypto.com, and dune.com, Uniswap version three (v3) is the largest dex by 24-hour transaction volume, with $1.29 billion. Following Uniswap v3, dex platforms such as Dydx, Pancakeswap v2, and Curve Finance rank first in 24-hour volume.
The dashboard “DEX Metrics” on Dune Analytics shows that dex trading volume has been around $14 billion in the last seven days, out of more than a dozen dex protocols. The dex volumes recorded on the Dune Analytics dashboard have decreased by 22% over the last seven days, according to the data. The crypto dashboard at theblockcrypto.com offers 30-day information from five high-volume dex platforms and 16 smaller dex protocols.
These figures reflect a declining trend from December 2021, when $186.03 billion was reported. The following month, dex platforms witnessed $157.68 billion in trade activity, then dropped to $114.37 billion in February. That indicates that trading volume fell by 38.52 percent between December and February 2022.
As previously reported, there was a small rise in dex trade volume in March, when $117.09 billion was registered. However, based on April’s records, dex trading volumes are expected to be disappointing, probably even lower than in February. Current data indicates that $75.11 billion in trades have been reported as of Thursday, April 21, 2022.
While theblockcrypto.com’s dashboard shows 30-day statistics, coinmarketcap.com’s dex volume data reflect a similarly lackluster week. The current 30-day dex trade volume, according to Dune Analytics’ “DEX Metrics” dashboard, is at $70 billion. To catch up to March’s rise, it will take a lot of transaction volume, which doesn’t appear to be the case right now.