Decentralized exchanges (DEXs) ended the month of March with a total monthly volume of $67.32 billion, falling by 8.12% from the previous month, according to data gathered by The Block.
This marks the first time since November 2020 that the monthly DEX volume has decreased.
Uniswap continued to account for the majority of the monthly volume with $41.02 billion. Sushiswap and Curve accounted for $10.06 billion and $5.08 billion respectively. 0x and Bancor Network accounted for another $4.76 billion and $2.59 billion respectively.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.