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

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.


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


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


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


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