Decentralized Exchange Volumes Rose 174% in July, Topping $4.3B and Setting Second Straight Record

July trading volume on decentralized exchanges set its second consecutive record high, rising 174% from June, according to data from Dune Analytics.

• Aggregate trading volume on decentralized exchanges reached $4,32 billion in July, up from $1.52 billion in June.
• 41% of July’s volume came from Uniswap, on which traders speculate on assets ranging from “a better Bitcoin” to a coin named after fried chicken.
• CoinDesk previously reported trading volume topped June’s record part way through July.
• “Decentralized finance has exploded over the past couple months.  We’ve seen the largest use cases as trading, and borrowing and lending,” said Kyle Davies, co-founder of Three Arrows Capital. “I expect this trend to continue.”