TL; DR Breakdown
- DEX aggregators trading volume touches all-time high
- The DEX cumulative trading volume touches $6 billion
- Uniswap contributes the highest volume in the DeFi sector
Like the centralized market, the decentralized finance market has witnessed massive patronage in the last few months. Although all statistics point to centralized exchanges being responsible for the majority of the activities in the crypto market, it is safe to say decentralized exchanges are also taking their places at the top of the pile. Putting this into perspective, DEX aggregators have witnessed a massive rise in the trading volume across the sector.
DEX aggregators trading volume reached $6 billion
A deep look at the kind of decentralized exchanges on top of the list shows that decentralized exchange aggregators are the ones running the whole show. These exchanges allow traders across the DeFi sector to compare swap fees across many exchanges in the decentralized finance sector and choose the one with the best rates. Looking at analysis culled from Dune Analytics, the most popular decentralized exchange aggregators like 1inch have seen an abundance of patronage in the last few weeks.
Coupled with the trading volume on Paraswap and Ox, these top DEX aggregators are responsible for $6 billion, pushing it to an all-time high figure. These exchanges witnessed a 50% raise at the start of last month. While 1inch is still in the lead in term of DEX aggregators trading volume with a 53% share in the value, oX is gradually on its way to topple with just 42% since the start of this month. 1inch was boosted by recent funding round that it enjoyed taking in an investment of about $175 million.
Uniswap contributes the highest volume in the DeFi sector
According to Dune, 0x enjoyed success at the top for a day on December 5 after it witnessed 49% of the trading volume for the day compared to 1inch, which was 43.7% for the day. Analysis shows that 0x has completed transactions worth about $3 billion in value in the last seven days. 0x provides users with a programming interface to develop applications in the swap sector. The native token of the 0x protocol has been responsible for about $4.7 billion of transactions processed on the protocol.
According to Dune, the whole DeFi sector carried out transactions worth $4 billion in the last 24 hours and a $33 billion volume last week. Uniswap is still in an undisputed lead in the DeFi sector, contributing 79% of the trading volume in the sector. Uniswap has facilitated transactions worth $26.2 billion in the last week. Although Sushiswap is in second place, it contributes a meager 8.9% to the trading volume of the sector.
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