DEX trading volume hit all records in May. At this rate, they can reach the $140 billion mark by the end of the month. Surprisingly, all this is happening against the backdrop of the fall of main cryptocurrencies on the market and many altcoins over the past few days.
The explosive growth of DeFi, which began last year, does not seem intent on slowing down, despite certain difficulties that the crypto market is facing. This information was shared on Twitter by Messari's team analyst, Ryan Watkins.
By May 21st, Messari's chart shows that the DEX's trading volume had already exceeded $85 billion. In fact, it managed to double April's record.
Uniswap continues to dominate the market despite the volatility in gas prices covering the past few days. For 4 following months (including May), Uniswap accounted for a bigger trading volume than other big DEXs combined. Uniswap v3 managed to overtake not only SushiSwap in volume but also its predecessor Uniswap v2.
Uniswap v3 reached 81% of the Uniswap v2 trading volume yesterday. At the same time, the exchange dispensed with liquidity incentives and the deployment of the second tier, which will soon take place. Uniswap v3's trading volume today surpassed Uniswap v2's $1.49 billion versus the latter's $1.45 billion.
How is DeFi doing
Due to the fall of Ethereum prices, the number of funds blocked in DeFi on May 19th fell to $80.90 billion, which is 39% lower than the ATH of $131.93 billion recorded on May 11th. Yesterday, this amount rose to $88.49 billion, but then fell again.
DeBank graph shows, that the volume of blocked funds today stands at $78.20 billion, and indicates a gradual recovery from the recent low. But, apparently, it will take a little longer for DeFi projects to reach the new "locked" ATH now.