The trading volume on decentralized exchanges (DEX) was over $ 11 billion in August as DeFi-Mania continues to make headlines.
The numbers of the analysis company Dune Analytics found that trading volume increased 152% per month in August.
The main catalyst for such a rapid increase in volume in DEX is Uniswap, This has become a dominant exchange in the last few months. Uniswap recorded a volume of USD 2.8 billion in the last seven days and a volume of USD 877 million in the last 24 hours.
Uniswap even surpassed Coinbase’s daily volume on August 30th. as investors flock to the DeFi ecosystem and decentralized exchanges.
This surge in interest has also benefited other DeFI protocols in recent days. Synthetix hit a total lockdown value of $ 1 billion, following in the footsteps of other DeFi protocols like Compound and Aave. Synthetix Network Token (SNX) saw significant gains in 2020, hitting an all-time high of $ 7.32 on August 15. Increase of more than 400% of its value this year.
Cointelegraph also reported that yEarn Finance’s native YFI token has risen more than 75% in the past 24 hours, hitting a new all-time high of $ 38,883 on Binance. The strong upward movement also pushed the market capitalization of the DeFi token to over $ 1 billion.