Decentralized exchanges are yet to gain a footing in the cryptocurrency market as their centralized counterparts have according to the latest reports from Data Light, a crypto-analytics company.
While the top reported centralized exchange – Binance – recorded close to $1.3 billion in trade volume, the top decentralized exchange completed $41 million.
Don’t get me wrong. Decentralized exchanges are gradually increasing their numbers as seen from the half year report confirming the volume having tripled in the first half of 2019.
DataLight reports Ether Flyer as the top DEX in daily volumes traded at $41 million USD (Image: Twitter)
— DataLight (@DataLightMe) August 9, 2019
EtherFlyer ranks top DEX in daily volume traded. Or did it?
EtherFlyer DEX ranks top of the list in the daily volume traded on the exchange with $41 million USD worth of trades. Binance DEX, built on the Binance Chain, came in a far second with 5 times less the volume reported by the top DEX with $8.1 million USD worth of trades. Ethfinex, IDEX and Bisq close out the top five –and the only other exchanges to post more than $1 million daily volume.
Some traders and crypto enthusiasts are however doubting the volume posted by EtherFlyer, claiming the DEX are faking volumes – similar to centralized exchanges. One Twitter user commented saying,
“Please remove Etherflyer, it is no real exchange, just reporting fake volumes. Look at their Charts, order book and trade history!”
The report further ranks the exchanges with the most pairs in trading whereby IDEX tops the list with 486 pairs. Ethfinex, the sister company to Bitfinex, comes in second with 420 cryptocurrency pairs. DDEX, Cryptobridge and Stellarport have 371, 316, 233 crypto pairs respectively, closing the top five.
Binance currently ranks 12th with 73 cryptocurrency pairs with the exchange always looking to add more tokens on its platform. On Aug 8th, Binance DEX announced the addition of five TrustToken stable coins to its platform including TrueUSD (TUSD).
On Twitter, Waves decentralized exchange leads the pack with 143K followers with Kyber Network and Bancor Network coming in second and third with 97K and 79K followers respectively.
Despite the massive steps towards adoption such as development of secure wallets to store the funds, DEXs are suffering from poor user friendliness. To catch their centralized counterparts more should be dome to ease trading on the platform.