If you trade cryptocurrencies on decentralized exchanges, then you should be tracking various DEX stats such as trading volume and orders to trade cryptocurrencies successfully.
Trading volume is one of the most important indicators when it comes to decentralized exchanges, as most of them usually suffer from a lack of trading volume. Scaling can be seen as the main reason why decentralized exchanges have not come to the fore yet in terms of trading volume.
But, there are already many DEX projects trying various approaches to address different problems of current DEXs, so the future of exchange seems to be more decentralized. If you have not used any decentralized exchange so far, you can first check out the introductory guide to decentralized exchanges below:
If you use one of the decentralized exchanges in the list below, make sure you trade on them with a hardware wallet like Ledger Nano X to avoid getting hacked. To learn why you should have a hardware wallet, refer to the guides below:
Trading volume and number of transactions are the most important stats when choosing a decentralized exchange to trade, otherwise limited liquidity plus speed issues can end up with a very bad trader experiences. Let’s look at three different sites to effectively track trading volumes, number of users and other stats of Ethereum-based decentralized exchanges.
1- Etherscan DEX tracker
Using Etherscan’s DEX tracker, traders can easily view the ranking of Ethereum-based decentralized exchanges by number of transactions in the last 7/30 days or all time. Besides that, Etherscan allows traders to view decentralized exchange orderbooks and compare the best DEX rates by selecting DEXs and tokens.
2- DappRadar decentralized exchange rankings
Etherscan allows traders the see which decentralized exchange dominates the market and overall distribution of the trades on DEXs. DappRadar, by ranking decentralized exchanges can give traders more idea regarding the liquidity DEXs have.
Now, with Etherscan DEX tracker and DappRadar, we can track the dominance, orderbooks, number of users and trading volumes of each decentralized exchanges for Ethereum tokens.
DEXWatch is a site focused on Ethereum DEXs, tracking the DEX volume and traders on the Ethereum blockchain. It lists latest trades with lots of information such as time, pair, traded price, exchange and seller/buyer addresses. Different than other trackers, it also lists top traders. You can see the latest trading activity of any address.
In addition to this, DEXWatch has a great chart showing the DEX volume and number of traders on Ethereum: