Since the beginning of 2020, Decentralized exchange (DEX) volume has surged over $25 billion. According to Beincrypto, the DEX space has shown a gradual increase since January 2019. At the time, the DeFi application recorded $1 billion in total value locked (TVL). That was the first time DeFi crossed a $1 billion mark.
In addition, the DeFi space recorded additional gains in the first quarter of the year. As of July, DeFi had increased from $1 billion to nearly $5 billion. The following month, DEX volume crossed over $10 billion and has grown more than $25 billion in September.
Generally, the crypto industry generated more attention and made headlines in 2020. There has now been wider adoption of digital assets as DEX volume also recorded significant increase over the last few months.
Argent crypto wallet recently posted a chart, revealing monthly DEX volume since January 2019. Acknowledging the outstanding growth in DEX volume over the past months, the crypto wallet showed optimism for the coming year. The tweet further said:
“2021 will be the year of the DEX.”
In addition, the Beincrypto report noted that there had been an increase in the use of centralized counterparts (CEX) in 2020. Beincrypto said the rise in CEX use is a result of yield farmers who are becoming more popular. The report added that yield farming has added to the increase in the DeFi world.
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