Trading volume on decentralized exchanges, or DEX, exceeded $ 11 billion in August as DeFi mania continued to make headlines.
Data from the analyst firm Dune Analytics showed that trading volume in August increased by 152% from the previous month.
The most important driver behind the explosive growth in DEX volume is Uniswap, which has become the dominant stock exchange in the last two months. Uniswap was worth $ 2.8 billion in the last seven days and $ 877 million in the last 24 hours.
Uniswap even surpassed Coinbase in daily volume on August 30, when investors flocked to DeFi and decentralized exchanges.
This increase in interest has stimulated other DeFI protocols in recent days. Synthetix achieved an unlocked value of $ 1 billion, following other DeFi protocols such as Compound and Aave. The Synthetix token (SNX) grew significantly in 2020, reaching a full-time high of $ 7.32 on August 15. Since the beginning of the year, it has grown by more than 400%.
Cointelegraph also reported that the YFI yarn financing token has increased by more than 75% in the last 24 hours, reaching a new full time of $ 38,883 on Binance. Strong growth has also seen the market value of DeFi tokens exceed $ 1 billion.