EtherFlyer Greatly Outperforms Binance DEX as Decentralized Cryptocurrency Exchanges Triple Their Trading Volumes Over the Last Year: Report

Libra Coin News
Fri, 08/09/2019 - 15:48
Alex Dovbnya
Decentralized exchanges represent a rapidly growing part of the cryptocurrency ecosystem
Cover image via www.123rf.com
Contents

According to a recent study conducted by cryptocurrency research firm DataLight, decentralized crypto exchanges have tripled their volumes over the last year.

While decentralized trading platforms occupy only a modicum of the crypto market, they have become a growing trend in 2019.

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Ranking decentralized exchanges

According to DataLight, EtherFlyer is the biggest decentralized exchange out there with $41.6 mln in daily trading volume. Binance DEX, which was launched on Binance Chain back in March, comes in second place with $8.1 mln. Ethfinex, the sister exchange of Bitfinex, secured third place with $1.8 mln.            

Notably, IDEX, which was short of occupying a spot in the top 3, is in the lead by the number of available trading pairs (486).

Meanwhile, Waves Exchange has the biggest amount of Twitter followers (more than 143,200 users).

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Baby steps

No, decentralized exchanges do not pose a threat to centralized platforms in the likes of Binance and Coinbase that still occupy the overwhelming majority of the market. To put this into perspective, the Binance exchange, which is considered to be a top destination for altcoin trading, has an adjusted trading volume of $1.3 bln.

However, the aforementioned statistics show that an increasing amount of traders is turning to a trustless administrator. Decentralized exchanges are still somewhat cumbersome for the average Joe, but they eliminate the risks of your account getting hackers or blocked.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.