Facing high transaction costs, Ethereum-powered decentralized exchanges or DEXes, continue to grow, with DEXes handling more than $120 billion in 2021 so far.
Combined DEX volumes reported a fresh high of $63 billion in January, according to Ethereum market analytics platform Dune Analytics. The volume of February currently sits at $59 billion and is on track to cross $67 billion at the end of the month. More amount has already been processed by DEXes in the first two months of 2021 than in all previous years combined.
According to cointelegraph.com, Uniswap and Sushiswap, who account for 65% of February’s trade together, still control the Ethereum-powered DEX market. Currently, Uniswap represents more than twice the amount of Sushi, controlling nearly 50 percent of the DEX market share.
However, looking at each platform’s weekly number of active traders reveals that Uniswap accounts for more than three-quarters of Ethereum DEX users. Nearly 142,000 unique wallets have been exchanged on Uniswap over the last seven days, led by a decentralized market aggregator of 1 inch with about 18,450 traders and SushiSwap with 8,911.