Decentralized Exchanges Surge as Trading Volume Hits $31.67 Billion

The latest figures show the growth of decentralized exchanges (DEXs) in the crypto market and their trading volumes. Phoenix Group, a prominent crypto media platform, recently released a report showing that the total trading volume of these platforms reached $3.167 billion weekly, a 28.14% per week.

TOP #DECENTRALIZED EXCHANGES BY WEEKLY TRADING VOLUME
#Uniswap #Pancakeswap #Aerodrome #Raydium #Orca #DODO #Curve #Camelot #ThorChain pic.twitter.com/we1d1iyK1K

— PHOENIX – Crypto News & Analytics (@pnxgrp) September 26, 2024

Uniswap Outperforming Other Decentralized Exchanges (DEXs)

The accumulation experienced in the Uniswap was overwhelming, as over $9.07 billion worth of total volume was realized in the dim days of last week. This volume demonstrates that Uniswap is well positioned across the broad spectrum of traders and liquidity providers in the DEX market. The total value locked (TVL) for Uniswap has reached $1.15 billion, showing sufficient users and liquidity inside the platform.

Pancakeswap follows closely behind with a trading volume of $5 billion and a TVL of $676.94 million. This performance reflects Pancakeswap’s strategy for engaging users and maintaining competitive liquidity. Additionally, Aerodrome reported a trading volume of $373.50 million, further emphasizing its rising status within the decentralized finance ecosystem.

Other notable exchanges contributing to the growth include Raydium, with a trading volume of $441.23 million, and Orca, which recorded a trading volume of $319.46 million. DODO and Curve remain key players, with weekly volumes of $154.40 million and $129.60 million, respectively. Camelot and ThorChain also play essential roles in the broader market, showcasing the diversity of offerings available in the DEX space.

Market Dynamics and Future Outlook

The increase in weekly trading volume illustrates a growing user preference for decentralized trading platforms. The overall market shows 18.82% dominance over centralized exchanges, reflecting a significant shift in trading habits among cryptocurrency users. As more traders opt for decentralized platforms, the DEX landscape will likely evolve, enhancing features and user experiences.

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