The market share of decentralized exchanges (DEXs) compared to centralized exchanges (CEXs) has hit an all-time high.
According to The Block's Data Dashboard, the monthly trade volume of DEXs relative to CEXs is already at its highest ever, at 14.22%. The previous record high occurred in May 2023 at 13.7%.
DEX volume currently stands at $139.67 billion, though July's data remains incomplete as of publication. Uniswap brought in the most monthly trading volume at $48.52 billion, with Raydium entering second with $27.78 billion in July.
The DeFi data tracking platform DeFiLlama found that Uniswap is the largest DEX by total value locked (TVL) at $5.585 billion. Curve Finance maintains a $2.029 billion TVL, followed by PancakeSwap's $1.825 billion and Raydium's $1.259 billion.
According to The Block Prices, Uniswap's native token UNI traded at $7.77, having increased by 2.31% in the past 24 hours.
About Author
MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.