Report: Trading Volumes Flow from Centralised Exchanges to DEX

Trading volumes on decentralized exchanges (DEX) are showing explosive growth, while volumes on centralized exchanges (CEX) are shrinking, according to analysts at CoinGecko in a report for the third quarter.

In September, the aggregate trading volume across the ten leading DEX reached $30.4 billion. In the previous month, the figure was $12.6 billion.

Trading volume from July to September across the top-10 CEX and DEX. Source: CoinGecko.

The combined trading volume of the top-10 CEX and DEX for the last two months of Q3 remained essentially unchanged — $327.2 billion and $330.6 billion in August and September, respectively.

CoinGecko includes in its calculations the decentralized platforms Uniswap, Sushiswap, Curve, 0x, Balancer, Kyber Network, Bancor, dYdX, Serum and Loopring. The ten centralized exchanges are Binance, Coinbase, Kraken, OKEx, Bitfinex, Bitstamp, Kucoin, Gate.io, Poloniex, Huobi Global.

In Q3, the average monthly growth rate of trading volumes on DEX stood at 197% versus 35% for CEX. In September, trading activity on centralized platforms declined by 5%. The largest share of the decline was attributed to Coinbase and OKEx — 60%.

Percentage growth in trading volumes from July to September on CEX and DEX. Source: CoinGecko.

Uniswap, together with Curve, dominates the total DEX turnover — accounting for 80% of the total. Sushiswap is actively increasing its share, which now accounts for 8% of DEX trading volume.

Platform shares in total DEX trading volume from July to September. Source: CoinGecko.

Earlier, Glassnode doubted the decentralisation of Uniswap. According to former Monero lead developer Riccardo Spagni, decentralisation is absent in most DeFi projects.

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