Data collected by The Block shows that the total volume for decentralized exchanges hit $4.3B billion in July, surpassing the previous record in June.
The volume surge represents a 174% increase over the $1.5 billion performance in June. July represents the first time on record that DEX volumes have risen past the $4 billion mark.
Automated market maker protocols Uniswap and Curve represented the bulk of July's activity. Uniswap led the pack with 41% of the volume, followed by Curve with 24% of the volume.
At least part of the month's busy traffic may be attributed to the late July surge in the price of ether, the native cryptocurrency of Ethereum. But it's also a result of steadily growing activity in the decentralized finance, or DeFi space.
[Read The Block's five-year data breakdown, published on Ethereum's fifth launch anniversary.]