Decentralized exchanges (DEXs) saw $56.47 billion in volume during the month of July 2021, representing another monthly decline.
The monthly figure signifies another month-over-month decline, compared to June 2021’s $80.85 billion.
The DEX ecosystem peaked volume-wise in May 2021, posting $162.02 billion in volume with Uniswap v3 going live that month.
According to a recent July 2021 report, stats show that:
Coinbase 2021 H1 report largely attributes Ethereum’s growth to the explosion of decentralized finance (DeFi) on the Ethereum network. Moreover, it points to the increasing influence of institutional investors.
In recent months, leading DeFi services such as Copmpound and Aave continue to attract institutional investors.