ETH DEX Volume
The passing month-March- proved a bullish year for Ether in terms of exchanges’ volume as a crypto analytic firm for Ethereum reveals that volume hit the all-time high. The volume in non-custodial exchanges marked the highest figure so far worth $668 million breaking all previous records.
The crypto data analytics firm for Ether coin, Dune Analytics, shared a graph on Wednesday showing the all-time peak figure of decentralized exchanges’ volume. The non-custodial crypto platforms witnessed high volume when the price value of the coin was going down due to the bearish trend in the financial markets.
Last month, traditional markets along with digital assets plunged, touching its low in a year to date. The leading asset, Bitcoin, also went below $4,000, losing half of its value since the start of the year. However, it recovered to some extent but not fully regained its bullish position again.
Ethereum, on the other hand, followed the same trend and witnessed low moves. But this new data shows how volume increased despite the price’s plunge. This trend is unnatural in the crypto markets as Dune Analytics said,’’ Interestingly, it’s the first time DEX volumes are soaring on a falling ETH price.’’
Reached $668 Million
In March, decentralized exchanges witnessed an all-time high volume worth $668 million. Before this, DEXs’s volume reached all-time high-$438 million- in February 2020. ‘’DEX volumes landed at an all-time high of $668 million for March! Up 53% from last ATH in February,’’ the statement reads.
The trend for centralized exchanges is lower than non-custodial platforms. This is because investors are looking for safe places ignoring centralized platforms amid Coronavirus outbreak. As Dune Analytics added over this,’’ Might be a sign of DEXs solving a real problem, not just a toy anymore?’’
Per the firm, the top decentralized exchanges include Uniswap, dYdX, and KyberSwap.
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