Cryptocurrency trading started to focus on decentralized exchanges this year, with DEXs reported to reach $1 trillion in trading volume in 2021.
According to a report by The Block Research, Decentralized cryptocurrency exchanges (DEX) have managed to come to the fore in 2021, surpassing the volumes of some major centralized crypto exchanges.
$1 trillion trading volume in DeFi
Decentralized crypto exchanges, which have seen significant growth this year, have reached a locked total value of over $250 billion by the end of 2021. Among the DEX protocols, Ethereum-based Uniswap continues to achieve significant figures in terms of transaction volume. Uniswap, which is two important criteria for DEXs, has a daily trading volume of close to $ 1.5 billion in recent days, while the total locked value (TVL) on its platform has reached $ 9 billion.
According to the total value locked in the DeFi industry, Curve Finance is the leader with $22.7 billion today. The fact that Curve Finance is also connected to 7 chains such as Ethereum, Avalanche, Fantom, Arbitrum, Polygon, Dai and Harmony Blockchains supports it to have the most locked-in total value in its ecosystem.
While DEXs made a fast start to 2021, January had its best month with growth in excess of 130%. DEX volumes continued to grow until May, with DEX volume peaking at $162.8 billion per month before the crash that same month. The downward momentum experienced in May also affected decentralized cryptocurrency exchanges, and the pace of the upward momentum slowed down in the second half of 2021.
NFT market reached $23 billion trade volume in 2021
Another prominent sector in 2021 was the NFT market. The increase in demand against non-changeable tokens (NFT) has allowed transaction volume to reach $23 billion this year.
Blockchain analytics platform DappRadar data points out that the number of addresses linked to NFTs has reached 140,000 daily. This figure was about 5000 addresses at the beginning of the year.
Although NFTs have been on the market for the past few years, they saw a significant increase in demand in 2021. These digital products, which are sold by auction using cryptocurrencies, come to the fore especially as digital artworks. These products, which protect the property rights on the blockchain, continue to be popular with both developers and investors for their authenticity and ease of transfer of ownership.
Although NFTs are more popular as digital artworks consisting of images in expensive jpg format, almost anything in the real world today can be converted in NFT format. While it is thought that the demand for NFTs will continue to increase in 2022, the sale of these unchangeable tokens in the next stage may emerge as a new trend in the new year.
Looking at the year 2021 in general, it was seen that the reputation of NFT collections exceeded the crypto industry, and many famous names and companies around the world showed great interest in this sector.