Uniswap the undisputed king of DEXs in 2024

Uniswap continues to dominate the DEX market, while Raydium is positioning itself as a formidable rival.

In a year full of changes in the cryptocurrency ecosystem, Uniswap (UNI) continues to consolidate itself as the undisputed leader of decentralized exchanges (DEX). According to data from Artemis Terminal, Uniswap accounts for 48.8% of the trading volume in the last year. It reaches an impressive total of $698.1 billion.

Not only does Uniswap lead in trading volume, but it also stands out in other key metrics. / Artemis

Uniswap: Total dominance in the DEX market

Uniswap not only leads in trading volume, but also stands out in other key metrics. The platform generated $1 billion in transaction fees, representing a dominance of 55.2% in trading fees. This success translates into a total value locked (TVL) of $8.4 billion, which is equivalent to 62.7% of the DEX protocols analyzed by Artemis.

Raydium: A Rising Competitor

Despite Uniswap’s dominance, Raydium (RAY), an automated market maker on the Solana blockchain, managed to position itself in second place with 34.3% of the trading volume. This equates to $490.3 billion. In terms of fees, Raydium collected $650.4 million, achieving a 35.7% share.

PancakeSwap and the Rest of the Market

PancakeSwap is in third position, with 11.77% of the trading volume and $167.7 billion. In addition, its contribution to trading fees is 7.1%. In terms of TVL, PancakeSwap clocks in at $1.3 billion, while Curve follows close behind at $1 billion.

Unique Day Traders: A New Challenge

In a surprising turn of events, Raydium took the lead in the unique day traders metric, reaching a staggering 80.8% and a total of 471.1K unique day traders. Uniswap, on the other hand, lags behind with 61.5K unique day traders, which represents just 10.6%.

What is Uniswap?

Uniswap is a decentralized exchange that allows users to trade cryptocurrencies without the need for intermediaries. It uses an automated market-making protocol that facilitates transactions safely and efficiently.

What is a DEX?

A DEX or decentralized exchange is a platform that allows the buying and selling of cryptocurrencies. This process does not require the intervention of a third party, providing greater security and control over users' assets.

As the cryptocurrency market continues to evolve, the competition between Uniswap and other DEXs like Raydium and PancakeSwap promises to intensify. With record numbers and a growing number of traders, the future of decentralized exchanges is more exciting than ever.

Disclaimer: This article does not constitute financial advice and proper research is recommended before making any investments in cryptocurrencies.