The Current State of Decentralized Exchange Trading Volume — May 2018

Scott Winges
May 9, 2018 · 3 min read

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:

This chart is from https://etherscan.io/stat/dextracker — it leaves out some “dex’s” based on their current infrastructure not registering as decentralized
Numerical breakdown (from https://etherscan.io/stat/dextracker )

24-hour breakdown

Of the top dex’s in terms of total transactions, the 24-hour exchange volume (as reported by coinmarketcap.com) is as follows:

  1. Bancor Network | Rank 71 | $10,119,308

Total: $14,858,834

Additionally, not seen on the list above are some noteworthy contenders in the “DEX” realm:

  • Etherdelta | Rank 106 | $2,103,111
24-hour Trading Volume graphically (data source: https://coinmarketcap.com/exchanges/volume/24-hour/ )

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.

0x Relayers

As I am a part of ddex, it’s also interesting for me to track the volume between 0x relayers.

24-hour analysis from https://0xtracker.com/
7-day analysis from https://0xtracker.com/
1-month analysis from https://0xtracker.com/

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.

Summary

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 :)

-Scott

Scott Winges

Written by

Director of Operations at DDEX and Hydro Protocol Labs