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DEX Ecosystem: Q1 Flash Report

A comparison of the top decentralized exchanges in 2020

It is important to continually measure the success of dapps running on the protocols tracked by DappRadar. While volatility is expected in the cryptocurrency markets. The first quarter of 2020 has witnessed some of the most significant events in human history.

It is in that context that we present an overview of the DEX (decentralized exchanges) ecosystem in Q1 2020.

  • By the end of Q1 2020, DEX dapps across the top 3 protocols accounted for almost 7000 daily active unique wallets
  • An increase in active wallets of almost 1000 (15%) compared to 2019 Q4
  • Ethereum is the dominant protocol. Holding 64% of the total daily active unique wallet activity
  • Daily active unique wallets on Ethereum grew 48% YoY
  • The top 3 Ethereum DEX products KyberUniswap, and IDEX account for 51% of total DEX activity in Q1 2020
  • Waves is the winner amongst the 5 smaller protocols holding 56% of total DEX wallet activity.
  • Uniswap & Kyber showed positive trading volume trends in Q1 2020 with growth of 264% and 104% respectively in March 2020 compared to January 2020
  • IDEX showed more volatility over Q1. In February 2020 value increased by 50%, in March value dropped 17%.

Top 3 blockchains

When analyzing the daily active unique wallet data from a 2019-2020 YoY perspective. We observe Ethereum in first place, TRON in second and EOS falling further behind in Q1 2020.

Ethereum

Ethereum decentralized exchange dapps daily activity grew YoY by 48% when comparing Q4 2019 with Q1 2020. Ethereum is also upholding a leadership position in the DEX ecosystem showing growth of 41% to 64% respectively. Looking at these figures is becomes clearer why Ethereum DEX dapps are receiving the most media and public attention.

TRON

TRON DEX dapps daily activity decreased YoY with a 64% drop. This was mostly due to TronTrade. Activity peaked in the first quarter of 2019 reaching 2000-3500 DAUs on certain days in March 2019.

In 2020 Q1 TronTrade now shows a stable DAU count of around 900 daily active wallets. In this context, it will be fascinating to see if TRONs Zethyr Exchange and Zethyr Finance products will bridge the gap between the top 2 protocols and show TRONs further maturing as a blockchain.

EOS

EOS DEX dapps daily activity is declining when compared to TRON and ETH. Daily activity on EOS YoY has decreased by 33%. When comparing Q4 2019 with Q1 2020 EOS has observed an enormous drop of 21% and 13% respectively.

Best of the rest

Five other protocols were considered: IOSTVeChainNEOWaves & WAX. Waves protocol is the clear winner, holding 56% of total DEX wallet activity within the other 5 protocols analyzed.

OpenData

For the first time, DappRadar will draw from OpenData in its analysis. Currently in early access beta OpenData will allows users to explore and visualize blockchain data. Specifically, DeFi and DEX data, including TVL, trading volume and unique trader counts.

The interface will allow us to continue to deliver deep level insight into the dapp ecosystem and allow users to query, visualize and explore data. Then easily save, share and distribute it to the world with stunning visualizations.

Top 3 Ethereum DEX dapps by trader count

When it comes to decentralized exchanges on Ethereum there are clear leaders. UniswapKyber, and IDEX.

Top3) (1)

Looking at the growth of the trader count between Kyber, IDEX, and Uniswap. Kyber is in first position with an increase in average trade count by the end of March 2020 of 18%. However, if we compare to the results of mid-March after the crash, we observe a decrease of 4% on average.

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