The volume of Ethereum DEX transactions in 2021 has exceeded 120 billion U.S. dollars, exceeding the sum of previous years

Despite the high transaction fees, Ethereum’s decentralized exchange (DEX) transaction volume continues to surge-in 2021, the transaction volume processed by DEX exceeds $120 billion.

According to data from the Ethereum market analysis platform Dune Analytics, DEX transaction volume hit a new record of $63 billion in January. The transaction volume in February is currently 59 billion US dollars and is expected to reach 67 billion US dollars by the end of this month.

In the first two months of 2021, DEX trading volume has exceeded the sum of previous years.

The DEX field of Ethereum is still dominated by Uniswap and Sushiswap, which accounted for 65% of the total transactions in February. Currently, Uniswap’s trading volume is more than twice that of SushiSwap, controlling nearly 50% of the DEX market share.

However, looking at the number of weekly active traders on each platform will reveal that Uniswap represents more than three-quarters of Ethereum DEX users. In the past 7 days, nearly 142,000 unique wallets have been traded on Uniswap, followed by the decentralized exchange aggregator 1inch with about 18,450 traders, and SushiSwap with 8,911 traders.

However, not all DEX trading activities are conducted on Ethereum. Binance Chain’s Pancake Swap transaction volume has surged, with daily transaction volume exceeding $1.1 billion.

Although some users have moved from Ethereum DEX to other markets, the confidence of the entire industry is at the highest level in history, and the total value locked in these exchanges in recent weeks has exceeded $40 billion for the first time.

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.