Ethereum, Binance Smart Chain DEXs are eating their centralized crypto counterpa

[RSRS]

While most metrics hit new all-time highs mid-way through the quarter, when the broader crypto market turned, many decentralized finance (DeFi) protocols saw activity decrease.

Despite being negatively impacted by depressed market sentiment and downfall in price, the DeFi sector, witnessing a lot of competitive action, grew and developed in multiple ways, according to Messari’s review of this year’s second quarter.

DEX volumes grow
According to the crypto data and research platform’s review, decentralized exchange (DEX)

volumes continued their rapid growth in the second quarter of the year and reached $405 billion, while witnessing an 83% increase since the previous quarter.

Volume halved since May, which marked the high peak of the market, reaching $203,5 billion but despite June volumes falling to $95 billion, the dialed-down month still proved to be the third highest all-time.

Messari’s data showed that DEX volumes as a percentage of centralized exchange (CEX) volumes surpassed 10% for the first time since October 2020 and according to the review “the data continues to show DEXs eating their centralized counterparts as time passes.”

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