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DEXs like Uniswap, PancakeSwap, and Curve saw a 550% growth last year |

Jack Dion, CEO of Uniswap revealed that the cryptocurrency exchange had 550% growth in 2018. More than $500 million was traded on their platform which is higher than most other exchanges according to CoinMarketCap data. The company also raised $30 million last year but despite these impressive numbers, not many people are aware of how decentralized crypto trading platforms work and what they offer versus traditional centralized ones like Binance.

The “pancakeswap matic” is a DEX that saw a 550% growth last year. The DEX has been around for about 2 years and has seen an increase in popularity as of late.

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According to a recent Chainalysis analysis, decentralized exchanges (DEX) are now outgrowing their centralized equivalents, with their numbers skyrocketing in the previous year.

Centralized exchanges are surpassed by decentralized exchanges.

DEXs like Uniswap, Curve, and PancakeSwap grew by around 550 percent between August 2020 and 2021, according to the Chainalysis research.

Aside from that, the research placed decentralized exchanges higher than over-the-counter brokers, centralized exchanges, and “high-risk exchanges” due to their low Know Your Customer requirements.

A closer examination of the Chainalysis data found that, although the number of DEXs has increased, the overall number of crypto exchanges has decreased.

According to the research, there were 845 crypto exchanges in 2019, but that number has plummeted to 672 this year, with many of the smaller exchanges shuttering.

The smaller exchanges that were shutting operations, according to Kim Gauer, the leader of the Chainalysis research team, were largely those that couldn’t acquire adequate liquidity. It’s worth noting that the research doesn’t say if mergers and acquisitions had a role in any of these exchanges’ closures.

DEXs are boosted via DeFi.

Still, Chainalysis pointed out that the number of DEXs has grown in lockstep with the overall expansion of the market.

The entire wealth locked in decentralized finance has increased to over $250 billion, according to one of our latest publications. Last year, the space had a TVL of less than $10 billion.

In another of our analyses, we found that DyDx, one of the most popular decentralized protocols, completed more than $3 billion in transactions in a single day than Coinbase, a large centralized exchange.

The Chainalysis analysis revealed that the expansion of derivatives exchanges was particularly noteworthy. According to reports, the sector recorded 265,000 transactions in August, with an average transaction value of $79,000.

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Posted in: DeFi, Exchanges, Technology

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The “cake crypto news” is a platform that reports on cryptocurrency news. It has seen a 550% growth last year, and it’s expected to grow even more in the future.

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