Decentralized exchanges processed $56bn in July

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Although the cryptocurrency market began to recover in July, DEX volumes remained below 81 billion dollars recorded in June. The overall cryptocurrency market recorded a better performance in July compared to June, with an increase prices of several cryptocurrencies in the process. However, decentralized exchanges (DEX) saw lower trading volumes month over month. According to data obtained from The Block, Decentralized Exchanges Processed 47,47 billion dollars last month. This is a significant drop from 80,81 billion dollars recorded in June. The data revealed that Uniswap remains the top DEX, with 47% of total trading volume. Uniswap v2 and v3 brought in 10,6 billion dollars and 40,57 billions of dollars, respectively. Sushiswap is a distant second, registering $6.02 billion in volume of transactions last month. Meanwhile, Curve took third place, posting $5.13 billion monthly volume. Trading volumes on decentralized exchanges have been declining over the past few months. Volumes peaked in May as DEXs processed 162,02 billion dollars in volume during this period. At the time, several decentralized finance (DeFi) protocols were launched on the Ethereum and Binance Smart Chain networks. Additionally, Uniswap v3 was launched that month. Despite the growing popularity of decentralized exchanges, they still lag far behind centralized exchanges in terms of trading volume. According to The Block data dashboard, the percentage of spot trading volume on decentralized exchanges compared to their centralized counterparts was 8, 98% in July, a slight increase from the June figure. The crypto market currencies performed better in July than in June. Bitcoin finally broke above the 021 mark 000 $ and joined the region of 40 $, staying there for most of the month. At the time of writing, BTC is currently trading above 43 02 $ per coin. Ether also had an excellent performance last month, crossing the 2 mark 000 $. Its performance in July took ETH to 3 02 $ this weekend. However, it has pulled back slightly, and it is trading just above the $2 900 level. Other major cryptos -currencies including XRP, Dogecoin, Cardano, Polkadot, Binance Coin and Uniswap have all seen gains in recent weeks. The post Decentralized Exchanges Processed 47$Bn in July appeared first on Buy Bitcoin.

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