This DEX dwarfs the competition by number of users

Blockchain media steadfast CryptoDiffer compiled a database of the apical 15 decentralized exchanges (DEXs) by the fig of users successful the past 30-days.

Topping the database is Binance Smart Chain’s PancakeSwap, with astir 2,600,000 users. The adjacent astir fashionable DEX is Solana’s Orca, with 528,000 users. In comparison, Polygon’s Quickswap makes 3rd spot with 196,100 users implicit the past 30-days.

Source: @CryptoDiffer connected Twitter.com

Surprisingly, Uniswap comes successful 4th spot with conscionable 6% of the fig of PancakeSwap users. However, erstwhile analyzing DEX volume, the representation is precise different.

DEX measurement shows a antithetic story

Data from CoinGecko shows Uniswap (v3) successful the apical spot with $1.03 cardinal successful measurement implicit the past 24-hours, accounting for much than a 3rd of each regular measurement of DEXs. Meanwhile, PancakeSwap ranks 2nd connected the list, turning implicit $497 cardinal successful volume, giving it a 17% marketplace share, contempt the fig of visits being astir 3 times that of Uniswap (v3).

Source: CoinGecko.com

The precocious fig of users but debased measurement suggest that PancakeSwap users thin to commercialized smaller sums. In contrast, the mean Uniswap idiosyncratic would beryllium considered much of a whale by comparison.

The emergence of DEXs

Centralized exchanges (CEXs) presently relationship for importantly much measurement than DEXs. According to stockapps.com, the ratio of DEX to CEX spot measurement is astir 12%.

More significantly, though down from 18.5% successful September 2020, this fig inactive represents an wide summation compared to January 2020, erstwhile the ratio was conscionable 0.5%.

Commenting connected the trend, Finance Expert astatine stockapps.com, Edith Reads, said that by addressing the shortcomings of CEXs, it’s a substance of clip earlier DEXs “completely instrumentality over.”

“Decentralized exchanges are progressively becoming fashionable among the crypto community. These exchanges are gathering connected the shortcomings of CEXs, and it’s lone a substance of clip earlier they wholly instrumentality over.”

Reads added that with the rising prominence of Web3 and “central authorities being dilatory phased out,” it’s plausible that DEXs volition play a much important relation successful the coming future.