The decentralized finance sector (DeFi) has been the “big wave” in the crypto market.
Since 2020, DeFi protocols have started to attract more and more attention with Yean Finance (YFI) as the big winner of 2020. After all, its price has managed to surpass Bitcoin.
Therefore, the sector identified as the new “ICO” managed to overcome prejudice and emerged as one of the driving forces for the growth of the crypto sector.
In addition, it is establishing itself as an integral component that drives the widespread adoption of cryptocurrencies.
Proof of this is that, according to a recent report by Delphi Digital, there was a 440% increase in the market value of the main decentralized exchange protocols (DEX) in the last 30 days.
DEX trading volume hits record high
According to the report, this helped boost DEX trading volume. And in January 2021, DEX traded a new record above $ 55 billion.
Therefore, it is more than double the previous high of $ 26 billion, recorded in September 2020.
One of the main responsible for this growth is Uniswap (UNI), with a total of US $ 29.5 billion in volume in January. The amount represents 45% of the volume traded by all DEXs.
Meanwhile, its biggest competitor, SushiSwap, accounted for 22% of the total volume, with US $ 12.2 billion traded.
As the report shows, the total blocked value (TVL) in DEXs also reached a new record.
On Tuesday (2), TVL on decentralized exchanges reached $ 9.94 billion. The figure corresponds to 36% of the total of more than US $ 27.7 billion blocked on all DeFi platforms.
Uniswap leads
In terms of TVL, Uniswap once again leads all DEX with $ 3.18 billion blocked in the protocol
Curve DAO is second with US $ 2.97 billion, followed by SushiSwap, with US $ 2.34 billion.
As Delphi Digital points out, the Uniswap and SushiSwap protocols have integrated fee structures that allow token holders the opportunity to bet on their UNI or SUSHI and earn rewards.
Therefore, incentives like these help to further promote the growth of DEXs and DeFi in general.
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