The total volume for non-custodial or decentralized exchanges (DEXs) hit an all-time high of $668 million in March, according to Dune Analytics.
That figure is 53% higher compared to the data from February, the previous all-time high month for volumes, Dune Analytics said on Wednesday. The data provider noted that this is the first time that DEX volumes are rising on a falling ether (ETH) price.
Dune Analytics said the increased volumes could be a sign that DEXs are "solving a real problem" and are "not just a toy anymore.”
Notably, the total volume of non-custodial exchanges hit a 9-month low last December. Yet, the share of volume traded on these exchanges was higher when compared to the amount traded on the centralized exchanges, as The Block reported at the time.
dYdX, Uniswap, and KyberSwap are currently leading the non-custodial exchanges space, per data from Dune Analytics.