Uniswap dominates decentralized exchanges with a 70% market share in May 2023. Despite a drop in overall trading volumes, DEXs perform better than centralized exchanges.
- UNI dominates DEXs with a 70% market share in May 2023, despite declining volumes.
- DEXs outperform CEXs with a smaller -30.8% drop in spot trading volume.
- CAKE and Curve gain traction as notable players in the decentralized exchange ecosystem.
Topping the charts among decentralized exchanges was Uniswap, which maintained its position as the largest DEX. Uniswap's dominance reached an impressive 70% in May 2023. Established in 2018, Uniswap V3 on the Ethereum network offers an extensive selection of 908 coins and 1802 trading pairs. The platform's 24-hour trading volume stood at $449,594,175.50, with the most active trading pair being WETH/USDC, boasting a 24-hour volume of $153,902,020.53.
Another notable DEX, Curve, released its crvUSD stablecoin in May but failed to see a significant uptick in volume. By the end of June, Curve held 11% of the market share. On the Ethereum network, Curve offers 71 coins and 97 trading pairs, with a 24-hour trading volume of $113,085,794.56. The USDC/USDT trading pair was the most active, recording a 24-hour volume of $29,601,660.66.
Pancakeswap, established as the third decentralized cryptocurrency exchange, has been gaining traction on the Binance Smart Chain (BSC). With 197 coins and 623 trading pairs available, Pancakeswap V3's 24-hour trading volume reached $74,748,362.68.