Amid the recent crash of the crypto market and COVID-19 3rd layer, just like other institutions, cryptocurrencies got also badly affected, but decentralized exchanges (DEX) maintained their reputation by setting a new All-time High (ATH) in the following month of May. It is observed that the trading volume over decentralized exchanges keeps on surging and moving toward new ATH while, on the other hand, there has been a massive downturn in the crypto industry in the last couple of weeks. Decentralized Exchanges have shown an entirely unique trend by achieving maximum trading volume till now and ascending toward a new ATH record during the ongoing month of May.
Decentralized finance (DeFi) isn’t going to slow down, and DEXes has proved to be the backbone of the DeFi as it isn’t affected to that extent amid such prevailing crucial circumstances upon the crypto industry and yet showing the maximum trading volume. Messari’s report depicts that DeFi is most likely to burst out and boom in May 2021 that is showing new records to set by the end of this month.
Ryan Watkins, who is known to be the analytical crypto researcher, disclosed that DeFi and DEX have been leading the crypto market as the trading volume recorded for the half of month is crossing $85 billion, and with this trend, it would set a new ATH record of $140 billion at the closing date of the ongoing month May 2021 which is going to be the two times than the trading volume recorded in last month of April.
Uniswap leading Decentralized Finance
Uniswap has proven itself to be the lion of the forest as it has proved itself to be the king of Decentralized Exchanges (DEX) by yielding maximum trading volume amid the lingering crypto market. Although it charges a bit higher than other DEXes, still it has sought more attention of the trader than any other exchanges as if we compare the trading volume over exchanges, we’ll come to know that the trading volume of Uniswap is almost half as compared to the combined trading volume of other DEXes.
Uniswap is doing a lot better than any other Decentralized Exchanges and even surpassed SushiSwap if we compare both DEXes on behalf of weekly trading volumes. Dune Analytics shows that during the last 30 days, the total trading volume is more than $116 billion, and DEXes generated almost $539 billion trading volume over the last 12 months.
TVL of DeFi
Just like CeFi, DeFi also got affected during the past few weeks but not that much as compared to the cryptocurrencies prices as still the DeFi has struggled to show total value locked (TVL) of $88 billion on the 12th of May, and with this growth, it is expected to generate the TVL of $140 billion which is the new ATH recorded till now.