DeFi: Activity on Decentralized Exchanges Declines for a Second Month in July 2021

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Decentralized exchanges (DEXs) saw $56.47 billion in volume during the month of July 2021, representing another monthly decline.

The monthly figure signifies another month-over-month decline, compared to June 2021’s $80.85 billion.

The DEX ecosystem peaked volume-wise in May 2021, posting $162.02 billion in volume with Uniswap v3 going live that month.

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SEE ALSOUniSwap V3 is Now the Largest Decentralized Exchange on Ethereum After UniSwap V2 Just 2 Weeks Since Launch

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According to a recent July 2021 report, stats show that:

  • 65% of the monthly volume figure was derived from Uniswap v2 and v3 – $10.6 billion and $26.57 billion, respectively
  • SushiSwap and Curve posted $6.07 billion and $5.13 billion in monthly volumes, respectively
  • The percentage of spot trade volume on DEXs compared to centralized exchanges was 8.98% for the month, a slight increase from June 2021 

Coinbase 2021 H1 report largely attributes Ethereum’s growth to the explosion of decentralized finance (DeFi) on the Ethereum network. Moreover, it points to the increasing influence of institutional investors.

In recent months, leading DeFi services such as Copmpound and Aave continue to attract institutional investors.

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RECOMMENDED READING: DeFi Catapults Ethereum to Become Fastest Growing Crypto in H1, 2021

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