CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$35,143.00
  • ethereum
    ETH$1,325.69
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » Flippening: Crypto Decentralized Exchanges Grew More Than Centralized Ones In Q3 2020

    Flippening: Crypto Decentralized Exchanges Grew More Than Centralized Ones In Q3 2020

    Author: Jordan Lyanchev

    Last Updated Oct 18, 2020 @ 09:59

    Although centralized exchanges continue to attract the majority of the trading volume market share, decentralized exchanges are on the rise with impressive triple-digit growth in Q3.

    In the latest report summarizing the Q3 2020 developments in the cryptocurrency field, CoinGecko has classified the outcome as the “summer of decentralized finance (DeFi).”

    The popular data aggregator noted that the top-performing decentralized exchanges saw (DEX) massive growth in terms of trading volume resulting in reducing the market share of centralized exchanges (CEX).

    DEX Are On The Rise

    CoinGecko’s report emphasized on the developments within the decentralized finance industry, and especially the performance of decentralized exchanges. According to the data in the document, “Q3 2020 had been a vibrant quarter where the DeFi hype and yield farming frenzy took over the crypto-sphere. This resulted in a $155 billion increase (88%) in total trading volume.”

    Q3 Total Trading Volume. Source: CoinGecko
    Q3 Total Trading Volume. Source: CoinGecko

    As the graph above demonstrates, August and September saw a massive increase in trading volumes. DEXes have enjoyed an impressive surge in the market share from $3.8 billion in volume in July to over $30 billion in September.

    The volume growth “far outpaced CEX,” which actually shrank in September.

    DEX Vs. CEX Trading Volume Growth Q3. Source: CoinGecko
    DEX Vs. CEX Trading Volume Growth Q3. Source: CoinGecko

    “Centralized exchanges still have the bulk of the trading volume, but obvious erosion of market share by DEXes have been observed. Currently, DEX volume stands at 6% of CEX.”

    Uniswap and Curve Occupied The Leading Spots

    The report went into details in examining the top 10 DEXes and their respective market share. It concluded that Uniswap has been and continues to be the most widely utilized decentralized exchange.

    Uniswap was responsible for 47% of the $3.8 billion trading volume in July. As the volume expanded to $30,4 billion in September, Uniswap’s share surged to 63%.

    DEX Trading Volume Dominance. Source: CoinGecko
    DEX Trading Volume Dominance. Source: CoinGecko

    Curve is the other exchange with a consistent double-digit trading volume percentage. However, it has dropped from 24% in July to about 17% in September.

    CoinGecko highlighted SushiSwap’s role as the dark horse in this race. SushiSwap started as a fork of Uniswap. It attracted a substantial amount of Uniswap’s liquidity during its explosive start by offering extra incentives in what became known as a “vampire attack.”

    Despite some controversy regarding the project, SushiSwap was responsible for about 8% of the total DEX trading volume in September.

    “Uniswap and Curve further cemented their positions as leading DEXes, but it remains to be seen if SushiSwap can continue to grow its market share.”

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • Defi_gem
      Centralized Exchanges Hurt as Chinese Investors Chase DeFi Gems
    • USDOJ
      UJ DOJ Indicted Two Russians For Duping $17M From Crypto Exchanges and Customers
    • coti_crypto_index
      COTI to Launch First-Ever Decentralized Market Fear Index for Crypto
    Read more on: Decentralized exchange DeFi

    About The Author

    Jordan Lyanchev View more posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$35,143.00
  • ethereum
    ETH$1,325.69
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    binance
    ADVERTISEMENT
    bitmart
    Bitcoin Editorials
    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    Is Blockchain The Answer To COVID-19 Led Misinformation and Rumor Mongering?

    Is Blockchain The Answer To COVID-19 Led Misinformation and Rumor Mongering?

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!