<p>The total volume for non-custodial or decentralized exchanges (DEXs) hit an all-time high of $668 million in March, according to Dune Analytics.</p> <p>That figure is 53% higher compared to the data from <a href="https://www.theblockcrypto.com/linked/57352/ethereum-decentralized-exchange-monthly-volumes-hit-all-time-high">February</a>, the previous all-time high month for volumes, Dune Analytics <a href="https://pbs.twimg.com/media/EUgYTwSXkAED5lI.jpg">said</a> on Wednesday. The data provider noted that this is the first time that DEX volumes are rising on a falling ether (ETH) price.</p> <p><img class="aligncenter size-large wp-image-60504" src="https://www.tbstat.com/wp/uploads/2020/04/Screen-Shot-2020-04-01-at-9.10.32-AM-1200x560.png" alt="" width="1200" height="560" /></p> <p>Dune Analytics said the increased volumes could be a sign that DEXs are "solving a real problem" and are "not just a toy anymore.”</p> <p>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, <a href="https://www.theblockresearch.com/non-custodial-volume-dwindles-as-uniswap-and-kyber-network-take-the-lead-in-market-share-52106">as The Block reported at the time</a>.</p> <p>dYdX, Uniswap, and KyberSwap are <a href="https://explore.duneanalytics.com/public/dashboards/c87JEtVi2GlyIZHQOR02NsfyJV48eaKEQSiKplJ7">currently leading</a> the non-custodial exchanges space, per data from Dune Analytics. </p>