Skeptic’s lens: Can Binance revive DEXs?

Binance Chain has launched on mainnet last week and today, it has completed BNB mainnet swap from ERC20 to the native BEP2 tokens. The first trading pairs are expected to be listed on Binance’s ‘decentralized’ exchange in the next few days.

The non-custodial exchanges have, so far, failed to gain any meaningful traction though. The volumes on non-custodial exchanges running on Ethereum have dropped to an all-time low of $65.5 million in January, according to DEXWatch. In March, the volume recovered a bit to approximately $100 million. Just for the sake of comparison, that’s as much as Binance’s volume in the last two hours (if we assume that most of the volume on Binance is legitimate).