{"id":195050,"date":"2021-07-15T17:00:54","date_gmt":"2021-07-15T16:00:54","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=195050"},"modified":"2022-03-05T02:22:22","modified_gmt":"2022-03-05T02:22:22","slug":"ethereum-binance-smart-chain-dexs-are-eating-their-centralized-crypto-counterparts","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ethereum-binance-smart-chain-dexs-are-eating-their-centralized-crypto-counterparts\/","title":{"rendered":"Ethereum, Binance Smart Chain DEXs are eating their centralized crypto counterparts"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">While most metrics hit new all-time highs mid-way through the quarter, when the broader crypto market turned, many decentralized finance (<\/span><a href=\"https:\/\/cryptoslate.com\/cryptos\/defi\/\"><span style=\"font-weight: 400;\">DeFi<\/span><\/a><span style=\"font-weight: 400;\">) protocols saw activity decrease.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite being negatively impacted by depressed market sentiment and downfall in price, the DeFi sector, witnessing a lot of competitive action, grew and developed in multiple ways, according to Messari's <\/span><a href=\"https:\/\/messari.io\/article\/q2-21-defi-review\"><span style=\"font-weight: 400;\">review<\/span><\/a><span style=\"font-weight: 400;\"> of this year's second quarter.<\/span><\/p>\n<h2><strong>DEX volumes grow<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">According to the crypto data and research platform\u2019s review, decentralized exchange (<\/span><a href=\"https:\/\/cryptoslate.com\/cryptos\/dex\/\"><span style=\"font-weight: 400;\">DEX<\/span><\/a><span style=\"font-weight: 400;\">)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">volumes continued their rapid growth in the second quarter of the year and reached $405 billion, while witnessing an 83% increase since the previous quarter.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Volume halved since May, which marked the high peak of the market, reaching $203,5 billion but despite June volumes falling to $95 billion, the dialed-down month still proved to be the third highest all-time.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-195051\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/1-300x169.jpeg\" alt=\"\" width=\"300\" height=\"169\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/1-300x169.jpeg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/1-1024x576.jpeg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/1-768x432.jpeg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/1.jpeg 1280w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Messari\u2019s data showed that DEX volumes as a percentage of <\/span><a href=\"https:\/\/cryptoslate.com\/companies\/vertical\/exchanges\/\"><span style=\"font-weight: 400;\">centralized exchange<\/span><\/a><span style=\"font-weight: 400;\"> (CEX) volumes surpassed 10% for the first time since October 2020 and according to the review \u201cthe data continues to show DEXs eating their centralized counterparts as time passes.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-195052\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/2-300x169.jpeg\" alt=\"\" width=\"300\" height=\"169\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/2-300x169.jpeg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/2-1024x576.jpeg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/2-768x432.jpeg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/2.jpeg 1280w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/span><\/p>\n<h2><strong>Dynamic competitive landscape\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The review reflected on \u201ca pretty dramatic shift\u201d in <\/span><a href=\"https:\/\/cryptoslate.com\/pancakeswap-flips-ethereums-uniswap-to-become-the-worlds-biggest-dex\/\"><span style=\"font-weight: 400;\">PancakeSwap<\/span><\/a><span style=\"font-weight: 400;\">\u2019s standing as for a moment in April the competitor DEX that runs on <\/span><a href=\"https:\/\/cryptoslate.com\/binance-smart-chain-sounds-alarm-over-well-organized-defi-attacks\/\"><span style=\"font-weight: 400;\">Binance Smart Chain<\/span><\/a><span style=\"font-weight: 400;\"> (BSC) flipped <\/span><a href=\"https:\/\/cryptoslate.com\/products\/uniswap\/\"><span style=\"font-weight: 400;\">Uniswap<\/span><\/a><span style=\"font-weight: 400;\"> in volumes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PancakeSwap market share has plummeted since Uniswap reclaimed the lead following the rise of its V3 protocol, which enabled liquidity providers (LPs) to create markets within customized price ranges.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By the end of June the automated liquidity protocol on the Ethereum (<\/span><a href=\"http:\/\/eth\"><span style=\"font-weight: 400;\">ETH<\/span><\/a><span style=\"font-weight: 400;\">) blockchain reached a 54% share of weekly volume, the highest since November 2020, and now accounts for more than 40% of all DEX volume.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-195053\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/3-300x169.jpeg\" alt=\"\" width=\"300\" height=\"169\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/3-300x169.jpeg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/3-1024x576.jpeg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/3-768x432.jpeg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/3.jpeg 1280w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">BSC ecosystem experienced the toughest pullback following May\u2019s market crash as total value locked (TVL) fell more than 50% from its peak in just a few days, though the rise of <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/polygon\/\"><span style=\"font-weight: 400;\">Polygon<\/span><\/a><span style=\"font-weight: 400;\">, a protocol that transforms Ethereum into a full-fledged multi-chain system, played a crucial role in decreasing its share in volumes as well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unlike Ethereum\u2019s TVL, which has plenty of stablecoins in the mix, its TVL was \u201cheavily skewed towards the higher end of the risk spectrum making it extremely sensitive to market swings.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In combination with a series of hacks and exploits on BSC, which led to substantial losses, the blockchain \u201csaw speculation dry up dramatically in June leading to PancakeSwap volumes diving 69%.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-195054\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/4-300x169.jpeg\" alt=\"\" width=\"300\" height=\"169\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/4-300x169.jpeg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/4-1024x576.jpeg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/4-768x432.jpeg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/4.jpeg 1280w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the review, \u201cthe activity provided a great glimpse into the developing liquidity wars between blockchains.\u201d\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While most metrics hit new all-time highs mid-way through the quarter, when the broader crypto market turned, many decentralized finance (DeFi) protocols saw activity decrease. Despite being negatively impacted by depressed market sentiment and downfall in price, the DeFi sector, witnessing a lot of competitive action, grew and developed in multiple ways, according to Messari&#8217;s [&hellip;]<\/p>\n","protected":false},"author":699,"featured_media":195079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,46940,77472],"tags":[76128],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum, Binance Smart Chain DEXs are eating their centralized crypto counterparts<\/title>\n<meta name=\"description\" content=\"While most metrics hit new all-time highs mid-quarter, when the broader crypto market turned, many DeFi protocols saw activity decrease.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ethereum-binance-smart-chain-dexs-are-eating-their-centralized-crypto-counterparts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum, Binance Smart Chain DEXs are eating their centralized crypto counterparts\" \/>\n<meta property=\"og:description\" content=\"While most metrics hit new all-time highs mid-quarter, when the broader crypto market turned, many DeFi protocols saw activity decrease.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ethereum-binance-smart-chain-dexs-are-eating-their-centralized-crypto-counterparts\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-15T16:00:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-05T02:22:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/07\/eth-bnb-dex.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ana Grabundzija\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ana Grabundzija\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ethereum-binance-smart-chain-dexs-are-eating-their-centralized-crypto-counterparts\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ethereum-binance-smart-chain-dexs-are-eating-their-centralized-crypto-counterparts\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#person\",\"name\":\"Ana Grabundzija\",\"url\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"caption\":\"Ana Grabundzija\"},\"jobTitle\":\"Journalist\",\"description\":\"Dr. Ana Grabundzija is a Zagreb-bred writer with an academic background in anthropology. 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