Decentralized Exchanges Records Weekly Trading Volume of $70.52 Billion; Top Performers Include UniSwap, Pancake, Meteora, Hyperliquid, Aerodrome & Others

Decentralized exchanges (DEXs) proceed to expertise vital buying and selling exercise. In line with information reported at the moment by market analyst Phoenix Group, spot buying and selling quantity on DEXs reached $171.26 billion over the previous week, a rise of 21.05% from the earlier week. This reveals sustained progress in on-chain spot buying and selling on decentralized exchanges.

As per the information, DEX platforms, together with UniSwap, Pancake, Meteora, Hyperliquid, Aerodrome, Raydium, Oraca, and LFJ, are seeing large buying and selling exercise as elevated prospects use them to execute numerous DeFi trades.

High DEXs by Weekly Buying and selling Quantity

UniSwap

UniSwap is the brand new market chief because it recorded the very best buying and selling quantity through the week, amounting to $23.46 billion. The determine reveals that UniSwap has revamped its market dominance, a resurgence from lows seen in June and July that noticed it overtaken by PancakeSwap. As reported within the information, UniSwap’s TVL at present stands at $4.26 billion, an indicator of strong progress and rising person belief in its DeFi community.

PancakeSwap

PancakeSwap is the second on the checklist, because it attracted a weekly buying and selling quantity of $15.48 billion. In June and July, PancakeSwap remained the highest DEX performer because of its integration with Binance Alpha, which attracted extra prospects to the platform. The latest rollout of PancakeSwap Infinity has additionally contributed a big influence on the DEX’s buying and selling exercise. The determine reveals that PancakeSwap gives high quality liquidity and fast transactions that customers want in DeFi.

Meteora

Meteora, a DEX platform on the Solana community, additionally gained visibility because it pulled in a staggering $7.50 billion buying and selling quantity over the week, placing it third within the checklist. This showcases Meteora’s rising prominence within the decentralized change sector. Over the previous three weeks, Meteora has been recording a dramatic enhance in buying and selling exercise and payment revenues following the rollout of Kanye West’s meme coin, YZY. The DEX stood out as one of many main buying and selling gateways for YZY, with traders and liquidity suppliers transferring quick to benefit from the sudden enhance in demand.

Hyperliquid

Fourth on the checklist is Hyperliquid, a DEX constructed by itself Layer-1 blockchain, which attracted a buying and selling quantity of $6.82 billion over the interval. The surge has been pushed by an elevated variety of retail and institutional merchants utilizing Hyperliquid to execute crypto derivatives. Hyperliquid is famend for offering merchants with low charges, fast transactions, and superior buying and selling instruments like perpetual derivatives.

Aerodrome Finance

Subsequent is Aerodrome Finance, a DEX working on prime of the Base community, which drew in $4.85 billion in buying and selling quantity over the week. This buying and selling exercise is an indicator that Aerodrome is witnessing substantial bullish sentiment as its latest integration with Coinbase boosted person transactions and DEX exercise. Its integration with Coinbase’s DEX (final month, August 8) has had a big influence on the platform. Two weeks after the mixing, Aerodrome’s buying and selling quantity rose by 30%, in accordance with information tracked on August 27.

Different High Market Performers And Who Guidelines the Market

Different DEXs with excellent buying and selling volumes over the week embrace Raydium, Orca, LFJ, and Curve, as illustrated within the information. Raydium reported a buying and selling quantity of $4.60 billion over the interval. Orca, LFJ, and Curve additionally drew in $4.09 billion, $2.04 billion, and $1.68 billion in buying and selling volumes, respectively, displaying their prominence.

One other necessary side identified by the analyst is the DEX-to-CEX ratio, which at present stands at 17.56%, in comparison with the ATH of 27.92% famous in June. The implication right here is that elevated crypto merchants have been transferring away from CEXs (centralized exchanges) in desire for DEXs, pushing the ratio excessive. Regardless of the rising ratio, the spot CEX market remains to be considerably greater than DEX. Based mostly on information tracked in July, the highest 10 DEX platforms recorded $877 billion in quantity within the second quarter, in contrast with $3.9 trillion on CEXs.