The Current State of Decentralized Exchange Trading Volume — May 2018
As the decentralized exchange technology continues to improve, I thought it would be interesting to periodically track some of the data available to us currently. This is a fairly basic breakdown of the total number of DEX Ethereum blockchain transactions and the most recent 24-hour trading volume.
Historical Transaction Totals
As of May 8, 2018 here is a look at the total historical number of transactions on decentralized exchanges:
Of the top dex’s in terms of total transactions, the 24-hour exchange volume (as reported by coinmarketcap.com) is as follows:
- Bancor Network | Rank 71 | $10,119,308
- DDEX | Rank 96 | $4,049,495
- Radar Relay | Rank 145 | $371,927
- Kyber Network | Rank 152 | $277,557
- Paradex | Rank 178 | $40,547
- Others (not listed on CMC)
Additionally, not seen on the list above are some noteworthy contenders in the “DEX” realm:
- Etherdelta | Rank 106 | $2,103,111
- Idex (currently down for maintenance) | Rank 205 | $260
OK, so even the total transaction volume is still clearly negligible compared to Binance’s reported transaction volume of $2,348,124,753 (less than 1%), so there’s quite a bit of room to grow.
As technology continues to improve, it will be interesting to see if DEX transaction volume can account for a more significant percentage of total daily transactions.
As I am a part of ddex, it’s also interesting for me to track the volume between 0x relayers.
It’s a little tricky to draw too many conclusions from this currently for a variety of reasons (no fees can have some interesting implications for example), but still interesting none the less.
The decentralized exchange landscape still accounts for only a small portion of centralized exchange (reported) volume, but the numbers are increasing. While it’s interesting to compare DEX’s directly with one another, it’s perhaps more compelling to consider how small this transaction volume still is compared to centralized exchanges.
I’ll continue to do periodic summaries of this each month to track the progression. If there are other metrics you’d like me to look into, please feel free to suggest :)