The number of active DEX traders rose 37% this second quarter of 2020


DappRadar recently released a report on DEXs for the second quarter of 2020.

The most relevant data that emerges from this report are the increased 37% in the so-called "Merchant Count" compared to the previous quarter, and the 54% increase in trading volumes.

With "Trader Count", DappRadar indicates the number of active profiles, although a single person can have multiple active profiles. In other words, this number does not necessarily indicate the number of active users, but the number of wallets, which in a DEX is the only measurable thing in this regard.

Other interesting data that emerge is the increase in users, particularly in IDEX and Kyber Network, while in Curve there was a 92% increase in daily active wallets.

The report examines in particular the first 8 decentralized exchanges based on Ethereum, and fully integrated into the DeFi ecosystem, and reveals that growth was primarily driven by Compound (COMP) and Balancer (BAL) government tokens, which were distributed in June 2020.

The top 8 DEXs generated a total volume of approximately $ 3 billion in the second quarter of 2020, with more than 5,000 active wallets on average every day in June.

These numbers are still far behind those of the CEX, that is, centralized exchanges. It is enough to remember that there are at least three CEXs that exceed these volumes in a single day.

The DEX with the highest volumes remains Uniswap, which with its $ 900 million generated 30% of the total volume of all DEX in the second quarter of 2020, even increasing its market share by 2% compared to the first quarter of 2020.

Kyber Network, on the other hand, despite the increase in active wallets, saw its market share drop from 21% to 12%, losing second place but still remaining in the top 5.

Balancer and IDEX, on the other hand, saw their market shares increase by 3%.

Even Oasis suffered a reduction in trading volumes, 42% less.

The most traded pairs were WETH-USDC, WETH-USDT, WETH-DAI, USDC-DAI, USDT-USDC and WETH-HEX, with increases compared to the first quarter of 2020 of more than 100%. USDC and USDT benefited from MakerDAO's announcement that they had been added as collateral for DAI.

However, the report highlights that the still very high prices of GAS on Ethereum are likely to slow DEX growth, despite the fact that June hit a record high in overall monthly volume.

Compared to 2019, DEX volumes increased five-fold in June, totaling $ 5 billion in the first six months of the year, including $ 3 billion in the second quarter alone.

However, perhaps even greater results could have been achieved if the cost of gas in Ethereum had been lower.

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