According to The Block Research report, decentralized exchanges (DEXs) saw more than $1 trillion in trading volumes in the year 2021.
That figure is a massive increase compared $115 billion in trading volumes in the year 2020.
Overall, monthly DEX volume peaked in May 2021 at $162.8 billion. However, the volume has not fully recovered from the May crash, and the DEX-to-centralized exchange spot volume ratio remained under 10% throughout the year.
“Uniswap continued to lead in volume as Uniswap v2 was the largest DEX by volume before being overtaken by Uniswap v3 in June. At peak, Uniswap v2 registered a monthly volume of $59.2 billion in May before getting dwarfed by its successor due to v3’s concentrated liquidity design that dramatically reduces slippage,” says report.