DappRadar report on DEXs: increase of 37%
DappRadar published a report on DEXs for the second quarter of 2020.
The most relevant data emerging from this report are the 37% increase in the so-called “Trader Count” compared to the previous quarter, and the 54% increase in trading volumes.
With “Trader Count” DappRadar indicates the number of active profiles, even though a single person may have several active profiles. In other words, this number does not necessarily indicate the number of active users, but the number of wallets, which in a DEX is the only measurable thing in this regard.
Other interesting data that emerge are the increase of users, in particular on IDEX and Kyber Network, while on Curve there was an increase of 92% of daily active wallets.
The report examines in particular the first 8 decentralized exchanges based on Ethereum, and fully integrated into the DeFi ecosystem, and reveals that the growth was mainly driven by the governance tokens of Compound (COMP) and Balancer (BAL), which were distributed in June 2020.
The top 8 DEXs generated a total volume of approximately $3 billion in the second quarter of 2020, with over 5,000 wallets active on average every day in June.
These numbers are still far behind those of CEXs, i.e. centralized exchanges. It is enough to remember that there are at least three CEXs that exceed these volumes in a single day.
The DEX with the highest volumes remains Uniswap, which with its $900 million generated 30% of the total volume of all DEXs in the second quarter of 2020, even increasing its market share by 2% compared to the first quarter of 2020.
Kyber Network, on the other hand, despite the increase in active wallets, saw its market share fall from 21% to 12%, losing second place but still remaining among the top 5.
Balancer and IDEX, on the other hand, saw their market shares increase by 3%.
Even Oasis suffered a reduction in trading volumes, down by 42%.
The most traded pairs were WETH-USDC, WETH-USDT, WETH-DAI, USDC-DAI, USDT-USDC and WETH-HEX, with increases compared to the first quarter of 2020 of more than 100%. USDC and USDT benefited from MakerDAO’s announcement that they had been added as collateral for DAI.
However, the report highlights that the still very high gas prices on Ethereum are probably holding back the growth of DEXs, despite the fact that June was at an all-time high for the overall monthly volume.
Compared to 2019, DEX volumes increased five-fold in June, reaching a total of $5 billion in the first six months of the year, including $3 billion in the second quarter alone.
Nevertheless, perhaps even greater results could have been achieved if the cost of gas on Ethereum had been lower.