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Blockchain media firm CryptoDiffer compiled a list of the top 15 decentralized exchanges (DEXs) by the number of users in the last 30-days.

Topping the list is Binance Smart Chain’s PancakeSwap, with approximately 2,600,000 users. The next most popular DEX is Solana’s Orca, with 528,000 users. In comparison, Polygon’s Quickswap makes third place with 196,100 users over the last 30-days.

Surprisingly, Uniswap comes in fourth place with just 6% of the number of PancakeSwap users. However, when analyzing DEX volume, the picture is very different.

Data from CoinGecko shows Uniswap (v3) in the top spot with $1.03 billion in volume over the last 24-hours, accounting for more than a third of all daily volume of DEXs. Meanwhile, PancakeSwap ranks second on the list, turning over $497 million in volume, giving it a 17% market share, despite the number of visits being approximately three times that of Uniswap (v3).

The high number of users but low volume suggest that PancakeSwap users tend to trade smaller sums. In contrast, the average Uniswap user would be considered more of a whale by comparison.

Centralized exchanges (CEXs) currently account for significantly more volume than DEXs. According to stockapps.com, the ratio of DEX to CEX spot volume is approximately 12%.

More significantly, although down from 18.5% in September 2020, this figure still represents an overall increase compared to January 2020, when the ratio was just 0.5%.

Commenting on the trend, Finance Expert at stockapps.com, Edith Reads, said that by addressing the shortcomings of CEXs, it’s a matter of time before DEXs “completely take over.”

“Decentralized exchanges are increasingly becoming popular among the crypto community. These exchanges are building on the shortcomings of CEXs, and it’s only a matter of time before they completely take over.”

Reads added that with the rising prominence of Web3 and “central authorities being slowly phased out,” it’s plausible that DEXs will play a more significant role in the coming future.

The post This DEX dwarfs the competition by number of users appeared first on CryptoSlate.

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