EtherFlyer DEX Is The Top Decentralized Exchange In Daily Trading Volume: DataLight Report

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)

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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,235FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today