Another Record-Breaking Month for DEXs, Uniswap Creator Expects 2021 to be ‘A Transformational Year for the Crypto Industry’

Decentralized exchanges (DEXs) had another record-breaking month, surpassing $60 billion in volume in February, the month with just 28 days.

And yet again, Uniswap and SushiSwap continue to lead these volumes.

Uniswap creator Hayden Adams took to Twitter to share his excitement about how crazy this month has been for the DEX. In the four weeks of February, Uniswap made four new weekly volume records going from $7.5 billion to $8.6 billion.

A new all-time high was also recorded with $32 billion in monthly volume, up from $144 million in Feb. 2020 and $12 million in the same month of 2019. Uniswap’s all-time volume has also reached $118 billion.

“Crypto is still incredibly early,” tweeted Adams.

Source: Dune Analytics

Comparatively, SushiSwap had just under half of Uniswap’s volume at nearly $14.17 billion. Launched in August last year, SushiSwap accounts for 22.57% of all the DEX volume, with Uniswap capturing the monster 49.15% share.

The record growth and usage of Uniswap continue three months after UNI liquidity mining stopped — “It turns out you don't need it once you have real users,” commented Adams.

The DEX registered $100 million in monthly swapping fees and $1.2 billion annualized fees.

Adams further shared that the governance has spent its UNI on developers and the community. Their UNI Grants Program has received 135 applications with 51 projects improving user/dev experience, 50 projects for community support, and 7 groups targeting RFPs/challenges.

The growth of the DEXs has the respective governance token of these protocols enjoying an uptrend. Uniswap’s tokenized branded SOCKS are also currently worth $140k, with their weekly trading volume skyrocketing to over $10 million.

Last month Adams compared his SOCKS tokens to Bitcoin.

He described Bitcoin as an inflating asset, to be increased from its current supply of 18.6 million up to the maximum supply of 21 million. But Adams feels Bitcoin “will likely need to increase cap in the future for security. Backed only by your faith.”

Meanwhile, his SOCKS are deflationary with a current supply of just 314, secured by the Ethereum blockchain and backed by real socks and an NFT.

“I expect 2021 to be a transformational year for the crypto industry. It's hard to be more excited for what's in store,” said Adams.