Despite the crypto market starting to recover in July, DEX volumes were still down from the $81BN recorded in June
The overall cryptocurrency market recorded a better performance in July compared with June, with the prices of several cryptocurrencies rising in the process. However, decentralised exchanges (DEXs) recorded poorer trading volumes month-over-month.
According to data obtained from The Block, decentralised exchanges processed $56.47 billion last month. This is a massive decline from the $80.85 billion reported in June. The data revealed that Uniswap remains the leading DEX, accounting for 65% of the total trading volume.
Uniswap v2 and v3 reported $10.6 billion and $26.57 billion, respectively. Sushiswap comes a distant second, recording $6.07 billion in transaction volume last month. Meanwhile, Curve took third place, posting $5.13 billion in monthly volume.
The trading volumes on decentralised exchanges have been dropping over the past few months. The volumes peaked in May, with DEXs processing $162.02 billion in volume during that period. At the time, several decentralised finance (DeFi) protocols were launching on the Ethereum and Binance Smart Chain networks. Also, Uniswap v3 went live that month.
Despite the increasing popularity of decentralised exchanges, they are still very much behind centralised exchanges in terms of their trading volume. According to The Block's data dashboard, the percentage of spot trade volume on decentralised exchanges compared with their centralised counterparts was 8.98% for July, a slight increase from June's figure.
The cryptocurrency market performed better in July than June. Bitcoin finally surpassed the $35,000 mark and rallied towards the $40,000 region, staying there for the best part of the month. At time of writing, BTC is currently trading above $43,000 per coin.
Ether also performed excellently last month, crossing the $2,000 mark. Its performance in July allowed ETH to reach $3,000 this weekend. However, it has slightly retreated, and it is trading just above the $2,900 level.