The value of large DEXs has increased fivefold in one year, outpacing activity and value in most CEXs, according to Chainalysis report.
The DeFi industry witnessed massive influx of money into the ecosystem in 2021 alone. According to a new report from Chainalysis, trading activity on decentralized exchanges (DEX) increased by over 500%, outpacing transaction volumes on centralized exchanges (CEX).
2021 Becomes the Year of DeFi
The report emphasized the importance of fierce competition in central stock markets this year. According to the report, traders are looking for the best platforms to trade. Trading volume on crypto exchanges has increased significantly throughout the year and has started to show a significant, if not stable, upward trend.
CEXs lagged behind DEXs, with DEXs like Curve, PancakeSwap, and Uniswap growing 550% in the first and second quarters of 2021.