Ethereum DEX Volume at $9.93 Billion; PancakeSwap and Uniswap in Focus

The price of Ether has climbed by 12% since the beginning of the fourth quarter (Q4) after a profound market slumber in quarter three (Q3). Fortunately, the industry has recovered from the bearish market, and specifically, the decentralized finance (DeFi) industry has bounced back.

Myriad factors are contributing to Ethereum’s overall uptick, which includes economic recuperation, a market rally, and even social dominance. At present, Ether’s uptick is arguably catalyzed by the market valuation of its decentralized exchange (DEX) tokens.

According to CoinGecko, at the time of this writing, DEX tokens have $9.93 billion in market capitalization and $1.60 billion in 24-hour trading volume. Moreover, DefiLlama shows that the total locked volume of ETH is rapidly rising at $23.8 billion, with Uniswap being the best player in terms of TVL and Pancakeswap ranking first via volume.

Decentralized exchange PancakeSwap’s native token, CAKE, is rapidly rising by 92% in a weekly timeframe. The swell in market valuation comes immediately after the introduction of a new feature on its platform called Position Manager.

The newly launched tool lets users deposit funds into a vault, which are then automatically allocated to liquidity pools for yield farming. CAKE’s TVL is presently at $61.82 million, with a 24-hour trading volume of $343.83 million and a $550.71 million market cap.

Simultaneously, Uniswap, a well-reputed DEX, proves its mettle as it tops the TVL ranking at the time of this writing. This ERC-20 token-friendly exchange platform is known for leveraging the Automated Market Maker model to revolutionize token swaps.

The TVL of UNI, Uniswap’s native token, is now at $3.01 billion. At press time, UNI’s 24-hour trading volume is at $361.63 million, while its market cap is at $3.64 billion.