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This shows innovation in the DEXs space is challenging however, it goes a long way. However, most of this growth is driven by the Uniswap protocol, which gets forked, tweaked, and deployed on Ethereum and Binance smart chain to attract traders. Overall, DEX space saw massive growth in 2020. On the other hand, on BSC, 86% of trades (~4.3 million ) included WBNB, resulting in $2 billion in trading volume. Traders executed more than 27 million WETH trades resulting in $92 billion in the trade volume. For Ethereum, it’s WETH, and for Binance Smart Chain, it’s WBNB.

However, the Wrapped tokens are the most-traded currencies on the DEXs. Where in the last five months, 729 currencies were traded on the BSC DEXs. In the last three years, Ethereum DEXs saw more than 29,700 different currencies. Where on Ethereum, users spend more than $207 million in transaction fees(Not trading fee) for 46 million trades.

On BSC, users executed 5 million trades and spent only $456K in transaction fees (Not trading fee). However, the main contrast is the transaction fee. More than 121 thousand users executed ~5 million trades on BSC in the last five months, resulting in more than $2.18 billion in trading volume. On the other hand, Binance Smart Chain showed a very promising start. The following chart shows the last ten months of DEX trades stats on the Ethereum blockchain. More than 1.34 million users spent ~$207 million in the transaction fee (Not including trading fee) to execute 46 million trades on Ethereum. In which more than 95% came alone in 2020. DEX Trade StatsĮthereum saw more than $132 billion in DEX trade volume since its inception. Let’s dig deeper and check out the trade stats. This shows that Ethereum is the main innovation ground, and successful innovations will be replicated on other chains to enjoy the chain specific benefits. However, on BSC, Uniswap(V1 and v2 and their clones and similar) protocols executing 99.99% of the trades. On Ethereum, Uniswap(V1 and v2 and their clones and similar) protocols have more than 65% of the DEX market share. We recognized 31 DEX protocols on Ethereum and four on Binance smart chain(BSC).

Different DEX Protocols on Ethereum and Binance Smart Chain (BSC)ĭifferent DEX Protocols on Ethereum and Binance Smart Chain (BSC).

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