We are seeing a significant increase in the volume of exchanges, including Uniswap, Raydium, and PancakeSwap. In the DeFi industry, trading volumes have significantly increased; considering the top DEXs, the weekly trading volume was $76.23 billion.
This is a 64.18% increase compared to the previous week and shows a clear interest in decentralized trading and DEXs against CEXs. As per the latest statistics, the overall market dominance of DEXs is 43.04% against CEXs, representing decentralized finance’s growing strength.
Uniswap Leads the Pack with Over $21 Billion in Weekly Volume
As for token trading activity, decentralized exchange Uniswap remains the number one, with a daily trading volume of $21.41 billion. Uniswap retains the highest TVL of $4.15 billion and receives a high level of liquidity and trade volume due to the platform’s simplicity and an extensive list of supported tokens. A similar pattern is observed regarding trading volume, thus pointing out Uniswap as an important form of liquidity provider within the DeFi ecosystem.
Raydium and PancakeSwap Take the Second and Third Spots
After Uniswap, we have Raydium, a highly efficient DEX that operates on the Solana blockchain about liquidity provision. Raydium achieved a weekly trading volume of $ 14.41B, with $ 3.23B of total value locked. Thus, the Raydium has leveraged Solana’s fast, cheap network to attract traders seeking faster and cheaper transactions.
Next up is PancakeSwap trades on the Binance Smart Chain (BSC) with a weekly trading volume of $7.95 billion and a total value of $1.86 billion. The success of PancakeSwap can explained by the swap rate, which costs less than Ethereum DEXs, and user involvement within the BSC ecosystem.
Aerodrome and Orca in the Mid-Range
Aerodrome and Orca have ranked fourth and fifth in the weekly volume rankings, with $5.86 billion and $3.53 billion, respectively. Aerodrome, which supports stablecoins and cross-chain swaps, has a TVL of $801.54 million. On the other hand, Orca is integrated with Solana and is known for its easy-to-use UX, making it popular for new Defi users. Orca has a TVL of $702.04 million, the gateway to simple access to DeFi liquidity.
Curve, Cetus, Thorchain, and LFJ Round Out the Top DEX
Among the top DEXs, ranked by weekly volume, low-ranking representative Curve, Cetus, Thorchain, and LFJ show stable trading turnover. Curve DEX, designed for stablecoin trading, registered a weekly trading volume of 2.09 billion with a Total Value Locked (TVL) of $227.6 Million. Cetus, which entered the market more recently, boasted $1.82 billion in volume and a TVL of $268.75 million. With a $1.11B weekly trading volume and $212.92M in TVL, Thorchain provides innovative solutions for cross-chain trading. Last but not least, a US-based trading platform of lesser popularity, LFJ, has a weekly trading volume of $1.08 billion.
The awareness of DEXs is rapidly growing, and there are several reasons for this: decentralization, self-custody, securities, and unlimited access observed in a DeFi ecosystem. While centralized exchanges come under pressure from regulators, more people are turning to decentralized exchanges, allowing them full custody of their coins.
