ForkLog Report: September DEX trading volume reaches $23.5 billion

Trading volume of decentralized exchanges (DEX) last month reached $23.5 billion. This is twice as high as in August. This is stated in ForkLog’s September analytical report.

The bulk of the turnover, $15.3 billion or 65% of the total, was provided by Uniswap, the leading platform in the DeFi sector.

Trading volume on decentralized exchanges, $billion. Data from Dune Analytics as of 12.10.2020.

Over the past few months, Curve and Balancer have significantly ramped up activity.

The daily trading volume on Uniswap as of 1.10.2020 stood at $308 million, on Curve — $53 million, on 0x — $33 million.

As of writing, Uniswap’s share of total DEX turnover stood at 74.4%. Thus, in less than two weeks the exchange’s share in the segment rose by 9.4%.

Data Dune Analytics as of 12.10.2020.

Alongside the rise in DEX activity, the market capitalization of stablecoins rose. In the second quarter of 2020, the capitalization of stablecoins grew by 53%.

Dynamics of the capitalization of leading stablecoins since the start of 2020. Data: Messari.

One of the main reasons for the growth in demand for stablecoins is their active use in the DeFi space and on DEXs.

As reported, the head of the FTX exchange Sam Bankman-Fried is convinced, that trading volumes on DEXes will fade as the ‘excessive’ incentives are exhausted. The latter include the hype around yield farming and demand for the platform’s governance tokens.

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