Can DEX's Overtake Centralized Exchanges?
DeFi or decentralized finance, has become the center of attention to many cryptocurrency enthusiasts. The ecosystem, which contains DEX's, lending protocols, derivatives, assets, and payments has been greatly growing in value. This has reached the point where DEX's might have overtaken centralized exchanges in daily volume.
Curve, a relatively new DEX that launched earlier this year has claimed that they have reached a massive landmark. In a tweet they have claimed to have reached a daily trading volume of $78,895,268 today.
$78M daily trading volume, $168M TVL. That's our ATH metrics so far!— Curve (@CurveFinance) July 19, 2020
Just to sink that in. Daily trading volume is higher than Kraken's today, and half of Coinbase's pic.twitter.com/HXbNi4j4Pc
Curve & Other Exchanges
If Curve's claim is correct, then they are more popular than most centralized exchanges. Essentially it is be the 4th most popular exchange by volume outranking not just Kraken but also established exchanges such as Bitfinex and Bithumb.
Even other popular and established DEX's such as Uniswap and Bancor have been left in the dust in comparison. Their trading volume averages combined reaches $7,033,622, roughly a 10th of Curve's daily volume today.
Volume & Exchanges
Time will tell whether or not Curve will manage to maintain these trading volume levels. Should the platform be able to do so, not only will it become a DeFi juggernaut, but also one of the top exchanges. Perhaps in due time DEX's will overtake centralized exchanges in trading volume & popularity.
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Written by Jonathan Ganor
Writer & cryptocurrency aficionado