Decentralized exchange (dex) volumes have been dropping since December 2021 according to current statistics. However, last month dex trade volumes spiked 2.37% higher than the volumes recorded in February. Despite the brief spike and with only eight days left in April, metrics show this month’s dex volumes will likely be much lower than in March.
Decentralized Exchange Volumes Slip Month Over Month – April Dex Volumes Remain Poor
In 12 months, dex platforms have seen over $1 trillion in trading volume as they have become staples in the crypto industry. Today, data from coincko.com, coinmarketcap.com, dune.com, and theblockcrypto.com indicates that version three (v3) of Uniswap is the largest dex by 24-hour trade volume, with 1, $29 billion in the last 24 hours. After Uniswap v3, dex platforms such as Pancakeswap v2, Dydx and Curve Finance hold the top 24 hour volume positions at the time of writing.
The dashboard called “DEX Metrics” on Dune Analytics, shows dex trade volume during the last seven days, out of more than a dozen dex protocols, is approximately $14 billion. The trailing seven-day metrics indicate the dex volumes recorded on the Dune Analytics’ dashboard are down 22%. Data from theblockcrypto.com’s crypto dashboard shows 30-day statistics stemming from five high-volume dex platforms and 16 smaller dex protocols.
These stats show a decline since December 2021 after $186.03 billion was recorded that month. The following month in January, the dex platforms recorded a trading volume of $157.68 billion, then in February it slipped to $114.37 billion. This means that between December and February 2022, the volume of dex trading fell by 38.52%.
As mentioned above, there was a brief spike in dex trading volume in March, as $117.09 billion was recorded during that timeframe. However, April’s statistics look as though dex trading volumes will be lackluster and possibly lower than February. As of Thursday, April 21, 2022, current data shows that $75.11 billion in trades have been recorded so far.
While theblockcrypto.com dashboard covers 30-day stats, seven-day metrics from coinmarketcap.com’s dex volume charts also show an interest-free week. Dune Analytics’ ‘DEX Metrics’ dashboard shows that the current 30-day trading volume of dex is around $70 billion. It will take a lot of trading volume to catch up to the March peak and so far that doesn’t seem to be happening.
