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Data collected through The Block show that the decentralized industry generally reached $4.3 billion in July, surpassing the previous record in June.
The increase in volumes represents a 174% increase over the functionality of $1.5 billion in June. July is the first time DEX volumes have exceeded the $4 billion mark.
Automated protocols from market manufacturer Uniswap and Curve accounted for most of July’s activity. Uniswap led the package with 41% of the volume, followed by Curve with 24% of the volume.
At least part of the month’s heavy traffic can be attributed to the high value of the ether at the end of July, Ethereum’s local cryptocurrency. But it is also the result of a development activity in decentralized finance, or DeFi space.
[Read the five-year data breakdown of The Block, released on the fifth anniversary of the Ethereum release.]
© 2020 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not proposed or intended to be used as legal, tax, investment, monetary or other advice.