Decentralized exchanges (DEXs) have grown in popularity over the past few years as they offer a more secure and trustless way of trading cryptocurrencies. With the rise of decentralized finance (DeFi), the number of DEXs has also increased significantly. In this article, we will explore how many decentralized exchanges are currently operating.
As of January 2023, there are over 250 decentralized exchanges operating globally, according to data from DEX.AG, a DEX aggregator. This number includes both established and emerging DEXs across different blockchain networks, such as Ethereum, Binance Smart Chain, Polygon, and Solana.
The majority of decentralized exchanges are built on the Ethereum network, which has been a popular platform for decentralized applications and smart contracts. Some of the popular Ethereum-based DEXs include Uniswap, SushiSwap, Curve Finance, and Balancer. These DEXs have gained significant traction in the DeFi space and have contributed to the growth of the decentralized finance ecosystem.
In addition to Ethereum, Binance Smart Chain has also emerged as a popular platform for building decentralized exchanges. Binance Smart Chain is a high-performance blockchain that supports the Ethereum Virtual Machine (EVM) and is compatible with the Ethereum network. Some of the popular Binance Smart Chain-based DEXs include PancakeSwap, BurgerSwap, and ApeSwap.
Other blockchain networks that have seen the emergence of decentralized exchanges include Polygon (formerly Matic), Solana, and Avalanche. These networks have gained popularity due to their high throughput, low fees, and fast transaction times.
It is worth noting that the number of decentralized exchanges is constantly changing as new DEXs emerge and existing ones shut down. Some DEXs may also transition to a centralized model or cease operations altogether due to various factors such as regulatory pressures or lack of adoption.
Despite the increasing number of DEXs, the total trading volume on decentralized exchanges is still relatively small compared to centralized exchanges. According to data from CoinGecko, the daily trading volume on decentralized exchanges is around $6 billion, while centralized exchanges see a daily trading volume of over $300 billion. However, the trend is gradually changing as more users adopt decentralized exchanges, and the DeFi ecosystem continues to grow.
