Decentralized exchanges have seen massive adoption, with total weekly trading volume scaling to an all-time high of $116.95 billion. This is up by a 13.23% enhancement from the previous week, thus showing that the demand for decentralized trading platforms is upward. Decentralized exchanges (DEXs) remain entrenched in the constantly developing blockchain landscape since they dominate CEXs with 61.41%.
TOP #DECENTRALIZED EXCHANGES BY WEEKLY TRADING VOLUME #PancakeSwap #Uniswap #Raydium #Aerodrome #Orca #Curve #Hyperliquid #Cetus #LFJ pic.twitter.com/9GSxjiEQEI
— PHOENIX – Crypto News & Analytics (@pnxgrp) December 26, 2024
PancakeSwap Leads the Market
On top of the chart, PancakeSwap maintains its lead and remains the leading decentralized exchange. It indicated that the platform registered $34.13 billion in weekly trading volume and boasted a substantial $23.58 billion in TVL. PancakeSwap has been effective due to its simplified UI, minimal trading fees, and numerous opportunities for exchanging assets within one platform, which many traders prefer using various blockchains.
After PancakeSwap comes Uniswap, an Ethereum giant and one of the world’s first AMM-based protocols. Despite having a significantly lower TVL of $1.91 billion than Pancakeswap, Uniswap had a $22.49 billion weekly trading volume.
Rising Stars: Raydium, Aerodrome, and Orca
Raydium operates on Solana and is ranked third in trading volume at $11.32 billion and total value locked at $1.34 billion. Due to its connection to Solana’s blockchain, it has attracted traders seeking a fast trading platform.
Fourth, the Aerodrome is becoming relatively more important in the ecosystem in terms of trading volume, which is at $8.03 billion, and the total value locked, which is raised to $824.38 million. Aerodrome is another relatively new platform that has been recently picking up more attention in the DeFi space for its creative liquidity mining programs.
Another gem from the Solana network was Orca, which concluded the week with a trading volume of $4.51 billion and a TVL of $453.68 million. Thus, Orca, which is simple and convenient, has become one of the leaders among decentralized exchanges.
Specialized Platforms and Emerging Players
Of the specialized DEXs, the role of Curve remained unchanged as the most popular platform for trading stablecoins. Having a weekly volume of $3.87 billion and a TVL of $426.04 million, Curve maintains its record of providing efficient trades with minimal slippage and offering the best liquidity pools for stablecoins.
The emerging players are also making progress. Hyperliquid recorded a trading volume of $3.28 billion and a TVL of $324.84 million, therefore its utility in the DeFi market. Cetus, with a TVL of $179.48 million, reported $1.94 billion in trading volume, and LFj, the lowest among the list, reported $1.02 billion in trading volume with a TVL of $79.26 million. These numbers give evidence of escalating diversification and competition in the DEX environment.
DEX Dominance in the Blockchain Ecosystem
The fact that decentralized exchange has become more popular than centralized exchanges indicates a change in users’ preferences. Decentralized exchanges have higher security, visibility, and regulation than CEXs. Therefore, users who have issues with centralization find DEXs to be more reliable. The fact that DEXs account for 61.41% of traders reflects the increasing confidence in these platforms as secure and efficient means of trading.
The trading volume of 420 trillion, with an increase of 13.23% per week, shows that the adoption of Decentralised Finance is set to continue its ramp-up in the coming weeks. Using decentralized systems is slowly starting to capture the imagination of traders and investors with concerns about privacy and accessibility and, of course, ownership of the assets.
Final Words
Increased trading volume per week and decentralized exchanges taking up the most share are the facts confirming their importance for the development of blockchain-based trading. Taking advantage of high trading volumes, decentralized exchanges stand a chance to redefine the financial market with high-level autonomy and possibilities within the continuously growing DeFi industry.
