Trading volumes on popular decentralized exchange (DEX) aggregators have exploded to new highs in recent weeks.
Decentralized exchange aggregators provide a way for token traders and exchangers to scan various DEX platforms for the best exchange rates at the time.
According to Dune Analytics, popular DEX aggregators like 1inch, 0x, and Paraswap have seen volumes increase over the last month. The combined volume of those three hit a weekly cumulative all-time high of $ 6 billion last week, increasing about 50% since early November.
DEX Aggregator Weekly Volumes - dune.xyz
1 inch has a minor lead in terms of the current market share of 53%, but 0x is catching up quickly with the 42% recorded in December so far. Last week, 1inch announced a Series B funding round led by Amber Group that raised $ 175 million.
On December 5, 0x actually topped 1 inch in terms of daily volume share at 49% compared to 43.7% according to Dune. According to 0xTracker, the aggregator DEX has processed a volume of $ 3 billion during the last 7 days.
0x provides an application programming interface (API) that DeFi developers can use to integrate exchanges of leading DEX sourced tokens directly into smart contracts.
Protocol 0x also has a native DEX called Matcha that has processed $ 4.7 billion in trade volume over the past 30 days as reported by its dashboard.
Related: DeFi aggregator growth 'will dwarf 2020 volume'
Dune DEX Analysis reports that there has been $ 4 billion in trading volume on decentralized exchanges in the last 24 hours and $ 33 billion in the last week. The aggregator's share of that volume is currently 20%.
Uniswap is the current DEX market leader by a long way with a 79% share according to Dune. It has processed $ 26.2 billion in trading volume over the past week. SushiSwap, which was originally cloned from Uniswap, ranks second with a 9.8% share of the DEX market.
