Have Ethereum network transaction fees become too high for users? Not if we are to believe the exchange volumes of decentralized exchanges (DEX), which exploded all their records at the start of the year …
Ethereum’s DEX trading volumes explode in 2021
The indicator comes to us from Dune Analytics , which aggregated Ethereum DEX trading volumes by year. The following graph shows that for the month of January and February alone, DEX volumes have already exceeded those of all previous years :
Decentralized DEX exchange volumes
Last January, more than 63 billion dollars passed through the DEX. In February, DEX volumes currently exceed $ 60 billion , and that number is expected to continue to climb to surpass the previous month’s record.
As far as distribution is concerned, Uniswap is still leading the way , with almost half of DEX volumes (48%). It is followed by Sushiswap (23%) then Curve (7%) and 0x (also 7%).
It will also be recalled that on the side of the Binance Smart Chain, in full turmoil at the moment, the figures have also risen sharply. The DEX PancakeSwap thus processes a daily transaction volume that now exceeds $ 1 billion, just like Uniswap.
Ethereum still very attractive
Despite the congestion of the Ethereum network, and the arrival of competitors with long teeth, the second global blockchain continues to generate enthusiasm. According to analysis firm Messari , $ 926 billion in transactions were settled on Ethereum this first quarter of 2021.
This is 700% more than in the first quarter of 2020, and it means that the network should be able to settle $ 1,602 billion by the end of the first quarter of 2021. Ethereum’s competitors are therefore strong, but the project is still largely leading the way at the start of the year.