According to research company Dune Analytics, trading volumes on decentralized cryptocurrency exchanges (DEX) exceeded the record high set in June and reached $1.6 billion.
According to analysts at Dune Analytics, Dex trading volumes exceeded $1.6 billion in July. This is a new record for decentralized exchanges – last month, the volume of trading on such platforms was $1.5 billion.
Four platforms-Uniswap, Curve, Balancer and Bancor Network – recorded an increase in trading volumes in July compared to the previous month. For example, the trading volume of Balancer, one of the newest DEX, is close to $160 million, which is significantly more than $93 million at the end of last month. Blocktown Capital managing partner Joseph Todaro said:
“For investors seeking access to the latest decentralized Finance (DeFi) projects, decentralized exchanges are the very first and often the only opportunities to make initial investments.”
Trading volumes on decentralized exchanges have been steadily growing over the past six months. Back in March, DEX recorded a record trading volume of $668 million. However, this popularity is accompanied by the arrival of scammers on the sites. So, at the beginning of the month, it was reported that after the rise in popularity of DeFi projects, many fraudulent tokens appeared on the Uniswap exchange.
Note that after the update, the Uniswap exchange has become noticeably more popular – the number of users of the platform has reached 92,000. The new version of the Protocol added support for ERC-20 token trading pairs, price oracles that are more resistant to manipulation, and instant exchanges.