It remains interesting to see how things look in the current DEX landscape. As the DeFi TVL remains below $65 billion, DEXes remain the go-to places to store liquidity and make money. Just five platforms maintain a Total Value Locked of over $1 billion, and SushiSwap isn’t one of them.
Uniswap And Curve Lead The Pack Of DEXes
Not too many people will be shocked to learn there are two leading DEXes, and the rest plays catch-up. Even though there have been numerous projects tackling decentralized trading and swapping, it remains tricky to attract and retain liquidity. Uniswap is the king of the hill in this segment, as it has been for several years now. Its TVL remains at $6.46 billion and increased by 24.6% in the past month.
Such a gain may not seem significant to some were it not for very bearish market conditions. Although the markets have rebounded slightly in the past month, there’s still much lost ground to recover. It seems unlikely any significant changes will occur over the coming days and weeks as everything remains subdued. Additionally, macroeconomic events do not favor a bull market either.
The other leading DEX is Curve, which may surprise some. It appears Curve is often overlooked when comparing the various DEXes on the market. Ever since it went cross-chain, Curve’s TVL has continued to rise. There is still room for further progress, but the current level of $6.14 billion is rather solid. Furthermore, it is the only decentralized exchange except for Uniswap, that holds over $5 billion in Total Value Locked. Everything else is trying to catch up, but it will not be easy.
One may wonder why SushiSwap or 1Inch is not on these rankings so far. Neither of these platforms has a TVL of over $1 billion, and the 1Inch Network has dropped to $11.37 million. A steep all from grace for a platform that once represented $2.32 billion in Total Value Locked. An unfortunate development, yet it further confirms the competitive nature of decentralized exchanges and how difficult it is to retain liquidity.
PancakeSwap, Balancer, And SUN
The leading decentralized exchange on the BNB Chain is still PancakeSwap, with $3.24 billion in TVL. It has a near 8% monthly growth, indicating more people will explore this platform as market conditions improve. Even so, it is far behind Curve and Uniswap, and may not be able to overcome that gap for the foreseeable future. However, it remains well ahead of Balancer, the next protocol among DEXes, which – despite a monthly 21.68% increase – has $1.51 billion in TVL.
The most surprising name in the top five is SUN, even though it comprises of SUNswap and SUN.io. DeFiLlama puts them under the same SUN banner. Both platforms lost roughly 5% in TVL this month but continue to combine for $1.28 billion. It is good to see the Tron ecosystem continue its overall industry growth, even though there is a minor setback to take into account.
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