Skip to main content

Dex Trade Volumes Plunge 37% Since May; September Volumes Could Be Even Lower

Dex Trade Volumes Plunge 37% Since May; September Volumes Could be Even Lower

After capturing $66.5 billion in May, decentralized exchange (dex) trade volumes have fallen for four consecutive months, with August statistics reaching a 2023 low of $41.7 billion. Metrics for the first half of September do not show improvement, with decentralized exchange trade volumes at about $16.96 billion as of September 18, 2023.

Dex Volumes Nosedive 37% Post-May

Dex trade volumes have fallen significantly over the past four months. Data indicate that March saw the year’s highest dex trade volume at $112 billion. In April, volumes declined by 47.26% to $59.06 billion.

May experienced a 12.59% increase, with trade volumes rising to $66.5 billion; of that amount, Uniswap’s dex trades contributed $33.67 billion. Since May, however, dex trade volume has declined by 37.29%.

Dex Trade Volumes Plunge 37% Since May; September Volumes Could Be Even Lower

August data indicate dex trade volume at $41.7 billion, with $24.87 billion, or 59.64%, coming from Uniswap trades. Pancakeswap saw $6.76 billion in trades, while Curve Finance contributed $3.79 billion.

Those three dex protocols totaled $35.42 billion in August, making up 84.94% of the month’s global dex volumes. Although September isn’t finished, its dex volumes to date already appear lackluster.

As of September 18, 2023, the global dex trade volume stands at $16.96 billion. Approximately $10.27 billion of that total comes from Uniswap trades, about $3.14 billion from PancakeSwap, and $1.07 billion from Curve.

With only 12 days remaining in September, dex trade volumes might finish below August’s numbers. The data is further highlighted in a monthly crypto recap report by the digital asset manager Vaneck, which indicated a decline in August’s onchain economic activity tied to decentralized finance (defi).

“Decentralized exchange volume experienced a more severe decline,” wrote Matthew Sigel, Vaneck’s head of Digital Assets Research.

What do you think about the recent dex trade volume downturn? Do you expect a rebound any time soon? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/Kpx7JDl
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more