Can anything slow DeFi’s growth at this point?
Trading volume on decentralized exchanges, or DEXs, surpassed $11 billion in August, as DeFi madness continues making headlines.
Numbers from analysis firm, Dune Analytics, revealed that August trading volume represented an uptick of 152% month-over-month.
The main driver behind the skyrocketing DEX volume is Uniswap, which has become a dominant exchange over the last couple of months. Uniswap accounts for $2.8 billion in volume over the last seven days, and $877 million in the last 24-hours.
Uniswap even surpassed Coinbase in daily volume on Aug 30, as investors flock to DeFi and decentralized exchanges.
This surge in interest has boosted other DeFI protocols during the last few days as well. Synthetix (SNX) reached $1 billion in value locked, following other DeFi protocols like Compound and Aave. Synthetix’ token made substantial gains in 2020, hitting an all-time high of $7.32 on August 15. It has rallied more than 400% year-to-date.
Cointelegraph also reported that Yearn.finance’s native token YFI surged more than 75% in the last 24-hours, achieving a new all-time high of $38,883 on Binance. The strong upside move also brought the DeFi-token’s market capitalization above $1 billion.