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DeFi’s popularity has pushed DEX volume past $11B

DeFi’s popularity has pushed DEX volume past $11B

Buying and selling quantity on decentralized exchanges, or DEXs, surpassed $11 billion in August, as DeFi insanity continues making headlines.

Numbers from evaluation agency, Dune Analytics, revealed that August buying and selling quantity represented an uptick of 152% month-over-month.

The primary driver behind the skyrocketing DEX quantity is Uniswap, which has change into a dominant alternate during the last couple of months. Uniswap accounts for $2.eight billion in quantity during the last seven days, and $877 million within the final 24-hours.

Uniswap even surpassed Coinbase in every day quantity on Aug 30, as buyers flock to DeFi and decentralized exchanges.

This surge in curiosity has boosted different DeFI protocols throughout the previous few days as properly. Synthetix (SNX) reached $1 billion in worth locked, following different DeFi protocols like Compound and Aave. Synthetix’ token made substantial positive factors in 2020, hitting an all-time excessive of $7.32 on August 15. It has rallied greater than 400% year-to-date.

Cointelegraph additionally reported that Yearn.finance’s native token YFI surged greater than 75% within the final 24-hours, reaching a brand new all-time excessive of $38,883 on Binance. The robust upside transfer additionally introduced the DeFi-token’s market capitalization above $1 billion.

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