Decentralized Exchange Volumes Exceeds the $1 Trillion Mark 0 46

This year, the trading volume of decentralized exchanges (dex) has become extremely prominent and some of the applications have been experiencing volumes that are at par with some of the centralized crypto exchanges. In the last week, decentralized platforms based on Ethereum have processed transactions worth $21 billion and 71% of all Ethereum-based dex apps were captured by Uniswap. According to recently updated metrics and the statistics published by The Block Research, the total trading volume of dex platforms throughout the year has been in excess of $1 trillion. This is an indication that there has been a significant amount of growth in the world of decentralized finance (defi) in 2021. 

With the year coming to an end, there is more than $250 billion worth total value locked in decentralized finance protocols. According to metrics, amongst all the defi applications that exist today, it is Uniswap that’s leading the pack because it commands the highest trading volume in 24-hours, which is around $1.45 billion today. Data also indicates that the total value locked (TVL) on the Uniswap platform is around $8.81 billion, which is just lower than that of Curve Finance, valued at $22.36 billion. As far as 24 dex leaders are concerned, Pancakeswap comes after Uniswap with a 24-hour trading volume of $848 million.

Then comes Trader Joe’s 24-hour trading volume at $453.7 million, Curve at $453.1 million, Sushiswap at $401 million, Uniswap v2 at $380 million and lastly Spookyswap at $185 million. The Block Research had published its 150-page report just recently, which covers the ‘2022 Digital Asset Outlook’. This research highlights the trading volumes of both centralized as well as decentralized exchanges. 

For instance, Larry Cermak, blockcrypto.com’s vice president of research, said on December 16th that the legitimate volume index of the Block, which is the spot volume, will be in excess of $14.5 trillion in 2021. This is around 8 times larger than the volume seen in the previous year. According to a report by Yogita Khatri and statistics from the study indicate that the trade volume in the year has already surpassed the $1 trillion threshold. The 2022 Digital Asset Outlook report highlighted that the monthly dex trading volumes had been the highest at a value of $162.8 billion back in May. As far as month-over-month growth is concerned, the most significant was seen in January of about 137.3%. 

However, the report noted that the volume had not made a full recovery after the crash in May and the spot volume ratio of dex-to-centralized exchange remained under 10% during the year. Along with the volumes of decentralized exchanges, the report also focused on the use of dex aggregators. The study disclosed that dex aggregators, such as 1inch, are only contributing 13.9% of the total trading volume. The researchers said that 1inch had been leading the dex aggregators with a market share of 64.9%, followed by a 16.8% share of 0x API (Matcha). A number of other subjects were also explored in the study, including derivatives market, market performances, mining revenue, a summary of venture funding in the year, stablecoins and on-chain volumes. 

Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

Paytm Founder Believes Crypto is Here to Stay 0 83

One of the most prominent digital payment companies based in India is Paytm and its founder recently shared his views about the cryptocurrency space. He appears to be quite positive about crypto and notes that it is here to stay. As a matter of fact, he thinks that crypto will become a mainstream technology in a couple of years. The Indian Chamber of Commerce (ICC) organized a virtual conference on Thursday that provided Vijay Shekhar Sharma the opportunity to speak. Paytm’s founder said that cryptocurrency will stay and is the answer Silicon Valley has to Wall Street. 

A multinational technology company, Paytm is based in India and specializes in digital payments. Last week, the company completed its Initial Public Offering (IPO). Paytm disclosed in its IPO filing that its total number of registered users has reached an impressive 337 million and is dealing with 22 million merchants. Sharma opined that he was very positive about cryptocurrencies because they are based on cryptography and in a couple of years, they would also become a mainstream technology very much like the internet that has now become a part of our daily lives. The Paytm founder did admit that currently, people were only using crypto as a means of speculation.

He elaborated that right now, every government appears to be confused about cryptocurrency, but in a time span of five years, crypto would become mainstream technology. Sharma thinks that people will come to see what the world will be like without crypt. But, he was quick to add that this doesn’t imply that digital currency would actually replace sovereign currencies, such as the Indian rupee. The Paytm founder also added that once his company’s revenue goes past the $1 billion thresholds, he will launch the service in some developed countries as well. 

Currently, he said that Paytm was running the largest payments system in Japan in a JV, but they would go without a partner later on. The Chief Financial Officer (CFO) of Paytm, Madhur Deora had said early this month that his company was considering offering bitcoin services to people, if cryptocurrencies are to be legalized in India. However, this does not seem to be likely any time soon because the Indian government has certainly not taken a positive stance towards these crypto assets. As a matter of fact, the government recently made headlines as it is pushing for crypto legislation in the country and not the good kind.

It is expected that a crypto bill will be introduced and passed in the parliament’s winter session that will begin next week. The purpose of the bill is to impose a ban on private cryptocurrencies, but there are expected to be some exceptions. But, since the bill has not been published, it is not clear as to what kind of exceptions will be applicable. There have been conflicting reports and debates, as some people believe that it just might legalize a few cryptocurrencies, while others believe it will ban them completely in favor of the digital rupee to be introduced by the Reserve Bank of India (RBI). 

MELT, GTC, PAL, and more Cryptocurrencies among Highest Gainers in Past 24-hours 0 88

In the list of highest gaining cryptocurrencies, the cryptocurrency on the top is Defrost Finance (MELT). In the past 24-hours, MELT has observed a 192.83% surge in its price, surging it all the way up to $11.97 per MELT. Similar to the price surge in the past 24-hours, MELT’s trading volume in the past 24-hours has increased to $1,177,520. MELT is currently the 3220th largest cryptocurrency in the crypto-verse in terms of its $1,401,512 market valuation.

The next cryptocurrency coming after Defrost Finance is Gitcoin (GTC). In the past 24-hours, GTC has observed a 171.08% surge in its price, surging it all the way up to $25.56 per GTC. Similar to the price surge in the past 24-hours, GTC’s trading volume in the past 24-hours has increased to $1,199,791,917. GTC is currently the 264th largest cryptocurrency in the crypto-verse in terms of its $363,625,405 market valuation.

The next cryptocurrency coming after Gitcoin is PlayAndLike (PAL). In the past 24-hours, PAL has observed a 168.43% surge in its price, surging it all the way up to $0.0000016 per PAL. Similar to the price surge in the past 24-hours, PAL’s trading volume in the past 24-hours has increased to $52,540. PAL is currently the 4780th largest cryptocurrency in the crypto-verse in terms of its $144,015,382,197 market valuation.

The next cryptocurrency coming after PlayAndLike is Elonomics ($ELONOM). In the past 24-hours, $ELONOM has observed a 131.06% surge in its price, surging it all the way up to $0.02629 per $ELONOM. Similar to the price surge in the past 24-hours, $ELONOM’s trading volume in the past 24-hours has increased to $212,424. $ELONOM is currently the 3934th largest cryptocurrency in the crypto-verse in terms of its $26,633 market valuation.

The next cryptocurrency coming after Elonomics is ICE ROCK MINING (ROCK2). In the past 24-hours, ROCK2 has observed an 85.68% surge in its price, surging it all the way up to $0.01744 per ROCK2. Similar to the price surge in the past 24-hours, ROCK2’s trading volume in the past 24-hours has increased to $67,982. ROCK2 is currently the 2229th largest cryptocurrency in the crypto-verse in terms of its $274,300 market valuation.

The next cryptocurrency coming after ICE ROCK MINING is India Coin (INDIA). In the past 24-hours, INDIA has observed a 128.93% surge in its price, surging it all the way up to $0.0000006419 per INDIA. Similar to the price surge in the past 24-hours, INDIA’s trading volume in the past 24-hours has increased to $452,332. INDIA is currently the 3571st largest cryptocurrency in the crypto-verse in terms of its $3,975,380 market valuation.

Even more cryptocurrencies are joining the ranks of top gainers and among these cryptocurrencies are KING, ALLBI, HIKO, and many more.

Editor Picks

Ready To Invest in Bitcoin? - Top 4 Bitcoin Trading Brokers‎ Read More
Skip to content