What is the Trading Volume on Decentralized Crypto Exchanges?
Decentralized exchanges (DEXs) recorded a total spot trading volume of $94.7 billion in March 2023, a monthly peak over the period from 2022 Q4 to 2023 Q1. This represents a 54.5% month-on-month (MoM) growth rate from $61.3 billion in February 2023.
Over the six months, DEXs recorded a 104.2% growth rate from a total spot trading volume of $46.4 billion in October 2022.
On a quarterly basis, DEXs recorded a total spot trading volume of $216.0 billion in 2023 Q1, a 33.4% quarter-on-quarter (QoQ) growth rate of $161.9 billion in 2022 Q4.
Which is the Largest Decentralized Crypto Exchange by Volume?
Uniswap is the largest decentralized exchange with the highest spot trading volume of $67.9 billion in March 2023. This represents a 70.2% MoM growth rate from February 2023 which was recorded at $39.9 billion.
The nearest competitor was Curve Finance which recorded $8.5 billion in total spot trading volume in March 2023. Curve recorded a 67.2% MoM growth rate from February 2023, which recorded $5.1 billion.
On a quarterly basis, Uniswap was the top decentralized exchange with the highest spot trading volume of $145.1 billion in 2023 Q1. This represents a 44.6% QoQ growth rate from 2022 Q1, which recorded $100.3 billion.
Curve is the second largest DEX with a total spot trading volume of $21.9 billion in 2023 Q1. This represents a 23.4% QoQ growth rate in 2022 Q4 which recorded $17.8 billion.
Fastest Growing DEX: Trader Joe
Trader Joe is the fastest-growing decentralized exchange with a 522.9% QoQ growth rate, for a total spot trading volume of $4.0 billion in 2023 Q1. Trader Joe recorded the lowest total spot trading volume in 2022 Q4 at $643.9 million.
Over the six-month period from 2022 Q4 to 2023 Q1, Trader Joe recorded the highest growth with 792.4%. The Avalanche-native decentralized exchange recorded $2.2 billion in 2023 March, a significant increase from $242.9 million in 2022 October.
Top 10 Decentralized Crypto Exchanges by Trading Volume (March 2023)
| Rank | Decentralized Exchange | Trading Volume (billion) |
|---|---|---|
| 1 | Uniswap | $67.927 |
| 2 | Curve | $8.483 |
| 3 | PancakeSwap | $4.266 |
| 4 | Dodo | $3.824 |
| 5 | Balancer | $2.881 |
| 6 | Sushi | $2.184 |
| 7 | Trader Joe | $2.168 |
| 8 | QuickSwap | $1.479 |
| 9 | Jupiter | $0.845 |
| 10 | THORChain | $0.674 |
Methodology
The study examined the top 10 decentralized cryptocurrency exchanges by spot trading volume, using CoinGecko data from October 1, 2022 to March 31, 2023. The top 10 decentralized exchanges are: Uniswap, Curve, PancakeSwap, Dodo, Balancer, Sushi, Trader Joe, QuickSwap, Jupiter and THORChain.
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Curious to know more about the state of crypto in the first quarter of 2023? Check out our comprehensive 2023 Q1 Crypto Industry Report, that extensively covers everything from the crypto market landscape to analyzing Bitcoin and Ethereum, DeFi and NFT ecosystems, and more!
Shaun is a Research Analyst at CoinGecko, who has lived and breathed crypto since 2017. Previously a community manager for Synthetix and RedFOX, he dived down the crypto rabbit hole to grasp a better understanding of the industry. He now spends copious amounts of time on Crypto Twitter and Telegram, searching for the next idea for CoinGecko Research. Follow the author on Twitter @ShaunPaulLee
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