DEX Total Value Locked at highest level in 2 years

There is increasing trading on decentralized exchanges. However, most of the activity is concentrated on just one DEX.

Despite minor corrections in the crypto market, Total Value Locked (TVL) is at record levels. According to data from Artemis, capital tied to decentralized exchanges rose to US$13.1 billion (€11.7 billion) in December. It was last this high in November 2022.

The dominant exchange is Uniswap. This decentralized exchange provides more than half of the total TVL with US$8.4 billion (€7.6 billion). In second place is Raydium with US$2.3 billion (€2.1 billion). In terms of unique transactions, however, Raydium leads the pack. The protocol has more than a million users - a tenfold increase since the beginning of the year.

Compared to the record time in December 2021, the DeFi sector is still a long way off. At that time, TVL exceeded US$44 billion (€39.3 billion).