A new report by Chainalysis, the leading crypto and blockchain forensics firm, has revealed that decentralized exchanges (DEXs) have more than tripled in 2021.
Part of the reason for this is the explosive growth of decentralized finance (DeFi) which has seen over 300% growth in just one year.
Despite this impressive DEX growth, centralized exchanges continue to dominate in numbers and volumes.
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SEE ALSO: DeFi: A Comprehensive Explainer
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For example, Binance, the largest exchange globally, had the most web traffic out of all crypto exchanges in October 2021 with a total of 171 million visitors. This represents a 12% increase compared to September 2021.
Coinbase, the largest crypto exchange in the United States, had 91 million visitors in October 2021 which represented a 31% surge in traffic compared to the previous month.
PanCakeSwap had over 25 million visitors which represented a 14% increase month-over-month.
ByBit saw over 24 million visitors, an 8% drop in traffic compared to September 2021.
Total value received by DEXes grew from just over $10 billion in July 2020 to a peak of $368 billion in May 2021, and as of September 2021 sat at just under $143 billion.
While centralized service transaction volume has also grown, it hasn’t grown at nearly the same rate, and during some months, DeFi activity has eclipsed activity on centralized services.
At the same time, the report shows that DeFi transactions tend to be larger than crypto transactions on centralized services.
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RECOMMENDED READING: Celo Partners with Leading DeFi Projects in a $100 Million Initiative to Bring DeFi to the Developing World
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