Decentralized exchanges (DEXs) have more than tripled in 2021, according to a recent analysis by Chainalysis, the top crypto and blockchain forensics firm.
Part of the reason for this is the rapid expansion of decentralized finance (DeFi), which has grown by more than 300 percent in only one year.
Despite the amazing expansion of decentralized exchanges, centralized exchanges continue to dominate in terms of numbers and volumes.
For example, in October 2021, Binance, the world’s largest crypto exchange, had the greatest web traffic of all crypto exchanges, with 171 million visitors. In comparison to September 2021, this is a 12 percent increase.
In October 2021, Coinbase, the largest crypto exchange in the United States, received 91 million visitors, up 31% from the previous month.
The number of visitors to PanCakeSwap increased by 14% month over month to over 25 million.
ByBit had over 24 million visitors in September 2021, down 8% from September 2021.
DEXes’ total value increased from just over $10 billion in July 2020 to $368 billion in May 2021, and was just under $143 billion in September 2021.
While centralized service transaction volume has increased, it hasn’t increased at the same rate as DeFi activity, and in some months, DeFi activity has outpaced centralized service activity.
DeFi transactions, on the other hand, tend to be greater than crypto transactions on centralized providers, according to the analysis.
