Ethereum

Pendle

DeFi

Polygon

Transaction volume in Ethereum decentralized exchanges bounced back even as cryptocurrency prices retreated.
<h2 class="wp-block-heading" id="ethereum-dex-had-robust-activity">Ethereum DEX had robust activity</h2>
According to <a href="https://defillama.com/dexs/chains" target="_blank" rel="noopener noreferrer nofollow">DeFi Llama</a>, the volume in Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) rose by 18% to $9.88 billion as that in other chains retreated. Solana (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/solana/">SOL</a>) DEX volume retreated by 8% while Base, BNB Smart Chain, Arbitrum, and Polygon fell by 4%, 14%, and 10%, respectively.
The worst-performing chain was Tron (<a href="https://crypto.news/price/tron/" target="_blank" rel="noopener noreferrer nofollow">TRX</a>) whose volume fell by 52% to over $642 million. This decline happened as the popularity of the recently launched SunPump meme coins eased. According to CoinGecko, most of the SunPump tokens like Sundog, Tron Bull, and Muncat have retreated from their all-time highs.
Most DEX networks in Ethereum’s network had a big increase in volume. Uniswap’s volume rose by 14.2% to $5.7 billion after the company settled with the Commodity Futures Trading Commission over its margin products. It agreed to pay a $175,000 fine and stop offering these solutions in the US.
Curve Finance’s volume <a href="https://defillama.com/dexs/chains/ethereum" target="_blank" rel="noopener noreferrer nofollow">jumped</a> by 68% to over $1.48 billion while Balancer’s, Hashflow, and Pendle rose by 68%, 196%, and 85%, respectively.&nbsp;
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3160" height="883" src="https://crypto.news/app/uploads/2024/09/Ethereum-DEX.jpeg" alt="Ethereum DEX volume" class="wp-image-14296698">
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 Ethereum DEX volume | Source: <a href="https://defillama.com/dexs/chains/ethereum" target="_blank" rel="noopener noreferrer nofollow">DeFi Llama</a>
 </figcaption>
</figure>
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/ethereum-leads-solana-arbitrum-dex-volume-falls-in-august/"> Ethereum leads Solana, Arbitrum: DEX volume falls in August </a>
<h2 class="wp-block-heading" id="bitcoin-and-most-altcoins-tumbled">Bitcoin and most altcoins tumbled</h2>
This volume happened in a difficult week for the crypto industry as most assets dived. Bitcoin dropped to $52,550, its lowest point since Aug. 5 and 26% below its all-time high. Ethereum also dropped below $2,200, down by over 44% from its highest point this year. The total market cap of all coins dropped below $2 trillion for the first time in months.&nbsp;
There is a risk that the sell-off will continue as a sense of fear has spread in the market as the crypto fear and greed index has dropped to the fear zone of 34. Cryptocurrencies tend to see more weakness when investors are fearful.
DEX and CEX exchanges also experience weak volume in periods when cryptocurrencies are falling. According to <a href="https://defillama.com/dexs/chains/ethereum" target="_blank" rel="noopener noreferrer nofollow">DeFi Llama</a>, the volume in Ethereum DEX platforms dropped to $49.5 billion in August from a high of $69 billion in March as most coins jumped.&nbsp;
The same happened across other DEX platforms as volume fell from over $257 billion in March to $240 billion in August.
Looking ahead, cryptocurrencies may benefit from the upcoming start of <a href="https://crypto.news/bitcoin-and-altcoins-rise-as-nfp-data-point-to-a-large-rate-cut/" target="_blank" rel="noopener noreferrer nofollow">interest rate cuts by the Federal Reserve</a>. Data released on Friday showed that the unemployment rate fell slightly in August to 4.2% while the economy created 142k jobs. Risky assets tend to bounce back when the Fed is cutting rates.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/chart-of-the-week-last-fed-rate-cut-sent-cardano-crashing-57-what-about-now/"> Chart of the week: Last Fed rate cut sent Cardano crashing 57% – what about now? </a>

Ethereum DEX volume rises: Uniswap, Curve Finance, Balancer lead

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