Decentralised Cryptocurrency Exchanges on the Rise

Decentralised Cryptocurrency Exchanges on the Rise

The latest report from DappRadar has highlighted the growth of decentralised exchanges (DEXs) by confirming the top 7 DEXs have surpassed their total 2019 trading volume of $2.5 billion in just the first 5 months of 2020.

The surge in adoption of DEXs becomes even more apparent when comparing the $2.5 billion figure achieved over the first 5 months in 2020 with the $7.04 million generated over the same period last year – an increase of 262% YoY.

The Magnificent Seven

DappRadar based their findings on the currently most used DEXs which are Uniswap, IDEX, 0x, Kyber, Oasis, Bancor, and Airswap.

Using a series of metrics, DappRadar have also shown that overall, both trading volume and the number of traders have more than doubled from the figures recorded at the beginning of this year to the month of May.

Out of the seven analysed, Uniswap are presently in the number one position after successfully launching Version2 of their platform last month.

Although not covered in the report, a number of DEXs, including newcomers such as Loopring, will have reason to believe they could make a challenge for the top spot over the coming months.

The Bancor Network Token (BNT) is said to be one of 18 assets under consideration for a listing on Coinbase and if accepted would raise the projects profile and possibly filter through to increased usage.

Kyber (KNC) are soon to implement their major Katalyst upgrade which will employ a staking mechanism to enable holders of the KNC token to receive a percentage of network fees paid in Ethereum (ETH).