August trading volume on decentralized exchanges set its third consecutive monthly record high after climbing 160% from July, according to Dune Analytics.
- Aggregate trading volume on decentralized exchanges reached $11.6 billion in August, up from $4.5 billion in July as the intense enthusiasm for decentralized finance (DeFi) applications continued to spread.
- Leading decentralized exchange platform Uniswap reported a 283% volume increase in August, reaching $6.7 billion after topping its July record less than two weeks into the month, as CoinDesk previously reported.
- Only two decentralized trading platforms – Loopring and Oasis – reported a drop in volume over the past month, falling 5% and 3%, respectively.
- Along with aggressive volume growth, Uniswap reported an almost 100% increase in the total trading pairs listed on the platform, totaling 6867 as of Monday.
- By design the platform allows any user to create and list a token. Currently 6,020 assets are available for trading.
- The effects of decentralized exchanges’ exponential growth is seen in traditional cryptocurrency exchanges listing a variety of tokens that originated on platforms like Uniswap.
- For example, there is Binance-listed Balancer’s token, Poloniex-listed Tendies Token and FTX-listed yearn.finance in addition to a perpetual futures index of the top 100 coins on Uniswap.