Decentralized Exchanges Volume Explodes to Over $43 Billion as DeFi Boom Breaks the $27 Billion Milestone By January 2021

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Latest statistics reveal that the decentralized space is booming and showing no signs of losing momentum.

As of this writing, decentralized exchanges (DEXs) monthly volumes have skyrocketed from just $39.5 million less than 2 years ago to $45.2 billion.

At the same time, locked assets in the DeFi space have skyrocketed from $326.6 million in January 2019 to over $27.5 billion at the end of January 2021.

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SEE ALSO: [WATCH] UnPacking DeFi with Eugene Mutai, a Kenyan Blockchain Developer and Crypto Trader

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Interestingly, the DeFi space has nearly doubled in locked assets in January 2021 alone.

Below is a quick breakdown of the decentralized space statistics as of January 31, 2021:

  • UniSwap dominates the DEX space at 47.8% ($23.3 billion) followed by SushiSwap at 21.5% ($10 billion)
  • Total valued locked in DeFi has increased 40% in the last one month alone
  • Maker makes up the largest volume of total value locked at $4.8 billion
  • 0.75% of all bitcoins are locked on Ethereum which equates to 3.35% of the entire Ethereum marketcap
  • 6.29% of all Ethereum supply (7.21 million ETH) is locked in DeFi
  • Uniswap addresses (9.77K) makes up the most active DeFi tokens followed by Dai (9.63K)
  • Uniswap Total Value Locked is up nearly 60% in January 2021 alone
  • Uniswap active addresses increased by almost 100% in January 2020 alone
  • UNI tokens have appreciated by over 1, 360% since launch in September 1, 2020 with large investors driving up its value price
  • UNI now has the highest valuation amongst DeFi tokens by a market cap with $4.23 billion
  • Gas fees on DEXs continue to be a major problem taking up 20-30% of the trade (especially for small trades)
  • Centralized exchange, Binance, dominated overall volumes with $34 billion daily volume as of latest statistic

The massive growth of the DeFi space is seen in the UniSwap airdrop which saw $1, 200 UNI token giveaway per address on September 1, 2020.

That airdrop is now worth $6, 500 and has nearly doubled in price in the last 7 days, as of this writing, showing the remarkable growth in the DeFi space currently taking place.

With increasing liquidity supplied and volume traded on DEXs, on-chain fundamentals suggest increasing attention and growth of the space from the crypto market in the next few months.

NB: This post is part of the BitKE Markets Podcast – a daily Zoom call that provides a daily analysis of the crypto markets and best trading strategies across Africa

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RECOMMENDED READING: [WATCH] The DeFi Revolution will Get its Customer Base from Africa, Says Cardano CEO

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