The volume of trades on decentralized exchanges (DEX) fell in August, according to DeFi Llama. DEX platforms handled over $181 billion worth of cryptocurrencies in August, down from $198 billion in July.
DEX Platforms Volume Statistics
The monthly trading volume on DEX platforms peaked in March at $260 billion. Ethereum (ETH) was the most active chain for DEX, with a volume of $52.5 billion in August. Solana (SOL) and Arbitrum (ARB) followed, with DEX platforms handling $42.5 billion and $22.3 billion, respectively.
Most Active Platforms
Tron (TRX) was the most improved chain, mainly helped by the launch of the SunPump meme coin generator. SUN, the largest DEX platform in its ecosystem, handled $3.2 billion worth of coins. Uniswap remained the most active DEX platform in August, followed by Solana's Raydium and BNB Chain's PancakeSwap. Solana's trading volume dropped due to the poor performance of meme coins like Bonk, Book of Meme, and Dogwifhat, which fell by over 64% and 70% respectively.
Performance of Centralized Exchanges
Centralized Exchanges (CEX) performed better in August. Data shows these exchanges handled $1.2 trillion, higher than the $1.1 trillion processed in the previous month. CEX volume peaked in March at $2.48 trillion. Binance maintained its lead, handling $448 billion, followed by Bybit, Crypto.com, Huobi, and Coinbase. The open interest of cryptocurrencies in the futures market also fell during the month. Bitcoin's futures interest stood at $30 billion on Aug. 31, down from the monthly high of $37 billion.
August was a challenging month for the cryptocurrency market. Despite a brief recovery, most assets remain significantly below their yearly highs. Bitcoin is trading 18% below its year-to-date high, while Ethereum is down almost 40% from its March peaks.
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