The decentralized finance, DeFi, sector has erupted exponentially so far in 2020. The growing trend of the sector can be seen through the total value locked in the DeFi protocols, which hit almost $11 billion thresholds on September 23.
Similarly, Decentralized exchanges, including Uniswap, Curve, and Balancer, have observed a massive popularity rush in recent months. The trading volume on such DEXs has blasted over $22 billion, and compared to last year 70x higher.
Dune Analytics, a powerful tool for blockchain research, has published data that show consistently surging trade volumes on DEXs for more than a couple of months. According to the report, Uniswap and Curve play a significant role in the growth of DEX platforms, which piled on $14.9 billion and $5.2 billion, respectively.
Uniswap Consistent Surge Could Outperform Binance
The market analysis revealed that Uniswap, the largest decentralized exchange, is now large enough to compete with some major centralized exchanges in terms of the daily trading volume. In the last 24 hours, Uniswap traded over $300.5 million. So far, Uniswap is driving the DEXs sphere by achieving a top market share of almost 71.2% in August 2020. On the other side, Oasis, 0x, and dYdX have lost their market share by almost 95% after being outperformed by newer DeFi platforms.
Currently, Uniswap stands at 12th spot by volume. Crypto experts believe that if the largest decentralized exchange keeps presenting the similar potential of growth for a further three months, it could compete with Binance, the current leading centralized spot exchange in terms of trade volume.