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DEXs are booming

DEXs are booming

Chainalysis analyzed and counted all cryptocurrency exchanges present in the market, classifying them by type of activity. The most striking thing on the graph is that the number of decentralized exchanges (DEX) is increasing much faster than the other website groups.

DEX are exchange platforms that allow direct p2p transactions between traders without intermediaries. The assets are kept in the cold wallets of transaction participants, rather than on the exchange wallets.

However, reports show that centralized exchanges (CEXs) are still the most popular exchanges in terms of the number of users and transactions. For example, in October only, Binance, the largest CEX exchange, was visited by 171 million users.

According to released data, the number of DEX sites increased by more than 100% from Q1 2019 to Q3 2021 and as of June of this year was about 205. By comparison, the number of CEX platforms has only increased from about 100 to 120.

According to Chainalysis experts, the DEX's popularity over the past two years is directly related to the explosive growth of the DeFi market. The company estimates that the total value of DEX funds raised has grown from $368 million in July 2020 to $10 billion in May 2021, meaning an increase of more than 3,600%.

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