Introduction
Decentralized finance (DeFi) has transformed Ethereum's economic landscape, with decentralized exchanges (DEXs) playing a pivotal role. This article analyzes key metrics from 20 major DEX platforms throughout 2019, offering insights into trading volumes, token diversity, and user behavior.
Dataset & Methodology
Our analysis focuses on 20 leading DEX platforms:
- IDEX
- Uniswap
- Kyber Network
- Bancor
- OasisDex
- EtherDelta
- RadarRelay
- AirSwap
- DDEX
- Paradex
(10 additional platforms monitored but not listed here for brevity)
Platform Performance Analysis
Daily Transaction Counts
- IDEX maintained dominance with peak daily transactions (7,000 in Q2)
- Uniswap emerged as the second-largest DEX by year-end
- Kyber and Bancor consistently competed for third position
| Rank | Platform | Avg. Daily Transactions |
|---|---|---|
| 1 | IDEX | 3,000-7,000 |
| 2 | Uniswap | 1,000-2,000 |
| 3 | Kyber | 1,000-2,000 |
Monthly ETH Trading Volumes
- IDEX processed ~400K ETH/month in early 2019, declining to ~200K ETH by Q4
- Stablecoins dominated trading pairs (SAI: 4.4M ETH annual volume)
Token Trends
Top-Performing Assets
- SAI (Stablecoin v1.0) - 4.4M ETH volume
- BNT - 950K ETH volume
- DAI - Rapid adoption in Q4
Token Diversity Across Platforms
| Platform | Unique Tokens Traded |
|---|---|
| EtherDelta | 3,190 |
| IDEX | 1,850 |
| Uniswap | 980 |
User Behavior
Daily Active Addresses
- Uniswap saw 1,300+ daily active addresses at peak
- Kyber and Uniswap showed parallel growth patterns
User Overlap Network
- 68% of Uniswap users also traded on Kyber
- IDEX maintained the largest exclusive user base
FAQ Section
Q: Why measure volumes in ETH rather than USD?
A: ETH pricing provides more consistent measurement across tokens without relying on centralized exchange rates.
Q: How does Uniswap's growth compare to traditional DEXs?
A: Uniswap's automated market maker model drove 300% growth in daily transactions from Q1-Q4 2019.
Q: What stablecoins dominated DEX trading?
A: SAI (single-collateral DAI) accounted for 41% of all stablecoin volume, followed by USDC (23%).
Key Takeaways
- Protocol diversity increased with AMM adoption
- Stablecoins comprised 58% of top token volumes
- User behavior shows platform specialization trends
All data represents on-chain activity from January 1 - December 31, 2019.