Author: Felipe Erazo
Trading volume on decentralized exchanges, or DEXs, surpassed $11 billion in August as DeFi madness continues making headlines.
Numbers from analysis firm Dune Analytics revealed that August trading volume represented an uptick of 152% month-over-month.
The main driver behind the skyrocketing DEX volume is Uniswap, which has become a dominant exchange over the last couple of months. Uniswap has accounted for $2.8 billion in volume over the past seven days and $877 million in the last 24 hours.
This surge in interest has boosted other DeFI protocols during the past few days as well. Synthetix reached $1 billion in value locked, following other DeFi protocols like Compound and Aave. Synthetix Network Token (SNX) made substantial gains in 2020, hitting an all-time high of $7.32 on Aug. 15. It has rallied more than 400% year-to-date.
Cointelegraph also reported that yEarn Finance’s native token, YFI, has surged more than 75% in the past 24 hours, achieving a new all-time high of $38,883 on Binance. The strong upside move also brought the DeFi token’s market capitalization above $1 billion.