Total value locked (TVL) is the measure that indicates the strength of the decentralized exchange because it is an indicator of the availability of liquidity, which is the basis of DEXs and the main problem with it. Both trading fees and liquidity determine whether the DEX is worth trying or not. The value of total value locked (TVL) is less than
10 billion for all known DEXs, so the number is still within these limits, although it is easy to fake trading volume numbers, especially in low fees blockchains.
In terms of total value locked (TVL) Uniswap leads with $3.76 billion, Pancakeswap with $1.65 billion, Curve with $1.62 billion, Balancer with $954.85 million, and GMX with $619 million.
There is another metric that caught my attention
While decentralized exchanges tallied $960 billion in the previous year, centralized exchange (cex) platforms hit $1.1 trillion in December alone.
If CEXs, with all the available liquidity, reached $960 billion in the previous year, it is impossible for DEXs to exceed this number in a month.