Tags in this story
Centralized trading, Coinbase, Curve, Defi token, DEX, liquidity mining, liquidity pool, non-fungible token (NFT), Okex, SUSHI, Sushiswap, transaction volume, Uniswap protocol, income agriculture
The latest data from Coingecko shows that between July and September, the total trading volume of cryptocurrency exchanges increased by US$155 billion, from US$175.7 billion to US$330.6 billion. New transaction volume increased by 88%, which was attributed to Coingecko’s decentralized financial hype and the crop planting frenzy that peaked in August.
Coingecko also observed in the report that since the third quarter, the transaction volume of decentralized exchanges (dexs) has grown faster than that of centralized exchanges (cexs). For example, in the third quarter, “(monthly average of the top ten indexes) monthly trading volume increased by 197%, exceeding the average monthly trading volume of the top ten indexes by 35%.” Despite the explosive growth (September seems to have also released Slow), but the dex transaction volume only accounts for 6% of the total cex transaction volume.
The report explained the relatively modest performance of CEX, observing that although August was the best month after an 83% increase in sales volume, the transaction in September finally reversed the increase in the previous month. According to the report, by the end of August, CEX trading volume dropped from US$314.6 billion in August to US$300 billion. The report pointed out that Coinbase and Okex contributed 60% of the reversal.
At the same time, the report also provides performance data about each dex platform during the period. Data shows that Uniswap’s market share increased to 63% at the end of September, and Uniswap accounted for nearly 50% of the total dex in July. After Uniswap, Curve experienced a rapidly changing quarter, with its share initially dropping from 24% in July to 13% in August. However, by the end of September, Curve recovered after accounting for 17% of the total glucan content.
Meanwhile, Sushiswap, which forked from Uniswap on August 28, managed to account for 8% of total sales at the end of September. The remaining dex agreements account for 4% or less of the total transaction volume.
Next, the Coingecko report provides a timeline of key events that explain the apparent competition between Uniswap and Sushiswap. The report emphasized that after the fork, Sushiswap continued to “introduce new tokens (SUSHI) distributed through liquid mining”.
The report explains the importance of this move and says:
“Unlike Uniswap, which bears 0.3% of transaction fees to liquidity providers, Sushiswap charges a 0.25% share to liquidity providers, and the remaining 0.05% is converted to SUSHI and distributed to SUSHI holders. More than 2,000% of the mining returns are in its The peak period brought Sushiswap more than $1.4 billion in revenue.”
On September 18, Uniswap began liquidity miningSince then, by the end of the month, its total value lock (TVL) soared to more than $2 billion. Finally, Coingecko’s report indicated that the cultivation of non-fungible tokens (NFT) is showing that it may become the next big problem after Defi tokens.
Do you think the number of DEX will continue to grow like the third quarter? Tell us what you think in the comments section below.
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