An analysis of decentralized exchange usage on Ethereum

Quick Take

  • The top fives DEXs combined on Ethereum have had an average of 2,775 users and $2,476,605 in volume over the past 30 days
  • IDEX is currently the most popular DEX. However, it has experienced an 87% decline in volume from its highs and a decrease of about 82% in daily average users
  • Uniswap and Kyber are the only two DEXs that have experienced growth rather than decline, but their users and volumes still pale in comparison to when DEXs had their most activity  

Decentralized exchanges have been billed by some enthusiasts as the future of the crypto-ecosystem. The central theme behind decentralized exchanges is an environment with no third-party or intermediary between individuals wishing to make a transaction.

Rather than a central authority acting as the exchange, applications built on top of smart-contract platforms such as Ethereum facilitate trading.