DeFi’s popularity has pushed DEX volume past $11B

September 2, 2020   Bitcoin

Can anything slow DeFi’s growth at this point? Trading volume on decentralized exchanges, or DEXs, surpassed $11 billion in August as DeFi madness continues making headlines.

Numbers from analysis firm Dune Analytics revealed that August trading volume represented an uptick of 152% month-over-month.

The main driver behind the skyrocketing DEX volume is Uniswap, which has become a dominant exchange over the last couple of months. Uniswap has accounted for $2.8 billion in volume over the past seven days and $877 million in the last 24 hours.

Uniswap even surpassed Coinbase in daily volume on Aug. 30 as investors flock to DeFi and decentralized exchanges.

This surge in interest has boosted other DeFI protocols during the past few days as well. Synthetix reached $1 billion in value locked, following other DeFi protocols like Compound and Aave. Synthetix Network Token (SNX) made substantial gains in 2020, hitting an all-time high of $7.32 on Aug. 15. It has rallied more than 400% year-to-date.

Cointelegraph also reported that yEarn Finance’s native token, YFI, has surged more than 75% in the past 24 hours, achieving a new all-time high of $38,883 on Binance. The strong upside move also brought the DeFi token’s market capitalization above $1 billion.

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