Analyzing Decentralized Exchange using Bitquery Blockchain Explorer
Tags: blockchain, explorer
Published: 2020-10-29 15:25:23

---
title: Analyzing Decentralized Exchange using Bitquery Blockchain Explorer
published: true
date: 2020-10-28 19:25:23 UTC
tags: Blockchain,explorer
canonical_url: https://bitquery.io/blog/dex-blockchain-explorer?utm_source=rss&utm_medium=rss&utm_campaign=dex-blockchain-explorer
---

In this article, we will show how to analyze [Etheruem DEXs](https://explorer.bitquery.io/ethereum/dex) using our [blockchain explorer](https://explorer.bitquery.io/).

**Note:** You can get all the data metrics mentioned below using our [blockchain GraphQL APIs](https://graphql.bitquery.io/). Besides, we also provide DEX trade data for all the DEX protocols we support.

#### DEX market share based Trade counts

Decentralized Exchange (DEX) market saw more than 10x growth in 2020. [DEX trades](https://explorer.bitquery.io/ethereum/dex) grew from 1 million/month at the starting of the year to 10 million trades/month in the 4rth quarter of 2020.

![Total Trade Counts on DEXs](https://bitquery.io/wp-content/uploads/2020/10/image-15.png)<figcaption>Total Trade Counts on DEXs</figcaption>

[Uniswap](https://uniswap.org/) protocol alone led this growth and grew ~500k trades/month at the starting of the year to 9.2 million trades in the month of September alone.

Currently, Uniswap has 90% of the DEX market share.

![DEX market share](https://bitquery.io/wp-content/uploads/2020/10/image-16-1024x283.png)<figcaption>DEX market share</figcaption>

## Top DEX protocols

In the first 10 months, Uniswap (V1 and V2) executed more than 31 million trades. [Balancer](https://balancer.finance/), which is at the 2nd position, executed less than10% of Uniswap’s total trades.

However, if we look for a trader’s trades count, On Uniswap, a trader executed 65 trades on average. However, when compared to others, on IDEX, every trader executed 49 trades on average and for Balancer 821 trades. A high trade count/trader shows a few wealthy traders drive balancer’s trading volume.

![Top DEX protocol](https://bitquery.io/wp-content/uploads/2020/10/image-17-1024x270.png)<figcaption>Top DEX protocol</figcaption>

## Unique Traders on DEX

Total [DEX trading Volume](https://stat.bloxy.info/superset/dashboard/dex/?standalone=true) surpassed more than billion in September 2020. However, the [unique trader’s count](https://explorer.bitquery.io/ethereum/dex_trades) was only ~225k. Therefore, the average trading volume/trader is ~111K for DEXs.

![Unique Traders on DEX](https://bitquery.io/wp-content/uploads/2020/10/image-18.png)<figcaption>Unique Traders on DEX</figcaption>

## Currencies Traded on DEXs

DEXs are always popular for long-tail crypto tokens, which are not listed by centralized exchanges. As Trading volume grew, numbers of [new currencies added to DEXs](https://explorer.bitquery.io/ethereum/tokens).

In October 2020, the total number of currencies traded on DEXs surpassed 6000.

![Currencies Traded on DEXs](https://bitquery.io/wp-content/uploads/2020/10/image-19.png)<figcaption>Currencies Traded on DEXs</figcaption>

In terms of specific currencies, other than WETH, stablecoins saw significant growth in DEXs. 

USDC trading volume surpassed more than 17 billion (USDC), and Tether also crossed 14.5 billion (USDT). DAI also saw measurable growth and surpassed 10 billion (DAI) in total trading volume.

Top trading pairs were WETH with USDT, DAI, and USDC.

![Top Currencies Traded on DEXs](https://bitquery.io/wp-content/uploads/2020/10/image-20.png)<figcaption>Top Currencies Traded on DEXs</figcaption>

## DEX Trades of Tokens

Our explorer also allows you to analyze DEX trades for any Ethereum token. For example, let’s see [DEX trades for LINK token](https://explorer.bitquery.io/ethereum/token/0x514910771af9ca656af840dff83e8264ecf986ca/token_dex_trades).

LINK trades grew from ~8k trades in January to ~68K trades in August. A growing number of trades can help you identify the popularity of a token.

![LINK DEX Trades](https://bitquery.io/wp-content/uploads/2020/10/image-21.png)<figcaption>LINK DEX Trades</figcaption>

As you can see in the following image, more than 35 million [LINK tokens](https://explorer.bitquery.io/ethereum/token/0x514910771af9ca656af840dff83e8264ecf986ca) were traded in September. However, October saw a significant decrease in the [LINK trading volume](https://explorer.bitquery.io/ethereum/token/0x87febfb3ac5791034fd5ef1a615e9d9627c2665d/dex_trades).

![LINK trade volume on DEX](https://bitquery.io/wp-content/uploads/2020/10/image-22.png)<figcaption>LINK trade volume on DEX</figcaption>

In August, the LINK token was traded against 95 currencies.

The number of trading pairs helps you identify if there are malicious activity to boost the trading volume. For example, a token holder can create two tokens and trade them against each other to increase the trading volume.

Using our APIs, you can also get top trading pairs for any token, which will help you understand the trading volume’s legitimacy.

![LINK trading pairs on DEXs](https://bitquery.io/wp-content/uploads/2020/10/image-23.png)<figcaption>LINK trading pairs on DEXs</figcaption>

As shown below, you can also check the latest LINK token trades, and we also provide APIs to access this data.

![Latest LINK trades](https://bitquery.io/wp-content/uploads/2020/10/image-24-1024x228.png)<figcaption>Latest LINK trades</figcaption>

## Supported Protocols

Currently, we support around 17 protocols, and we are adding more protocols every day. Besides, we are also in the process of adding the DEX protocols of other blockchains, such as the Binance smart chain.

- AXNET
- AirSwap Exchange
- Balancer Pool Token
- Bancor Network
- Curve
- DDEX Hydro
- DUBIex
- ETHERCExchange
- EtherDelta
- Ethfinex (Deversifi)
- IDEX
- Kyber Network
- Token.Store
- Uniswap
- Zerox Exchange
- dYdX2
- dex.blue

**NOTE:** All our Explorer data is available through GraphQL APIs. You can check these APIs on any data widget by clicking on the GraphQL button on the bottom right corner.

![Open GraphQL on Bitquery Explorer](https://bitquery.io/wp-content/uploads/2020/10/Open_GraphQL_on_explorer.gif)<figcaption>Open GraphQL on Bitquery Explorer</figcaption>

You might also be interested in:

- [Ethereum DEX GraphQL APIs with Examples](https://bitquery.io/blog/ethereum-dex-graphql-api)
- [How to get newly created Ethereum Tokens?](https://bitquery.io/blog/newly-created-etheruem-token)
- [How to investigate an Ethereum address?](https://bitquery.io/blog/investigate-ethereum-address)
- [API to get Ethereum Smart Contract Events](https://bitquery.io/blog/ethereum-events-api)
- [Simple APIs to get Latest Uniswap Pair Listing](https://bitquery.io/blog/uniswap-pool-api)
- [ETH2.0 Analytical Explorer, Widgets, and GraphQL APIs](https://bitquery.io/blog/eth2-explorer-api-widgets)

#### **About** Bitquery

[**Bitquery**](https://bitquery.io/?source=blog&utm_medium=about_coinpath) is a set of software tools that parse, index, access, search, and use information across blockchain networks in a unified way. Our products are:

- **[Coinpath®](https://bitquery.io/products/coinpath?utm_source=blog) APIs** provide [blockchain money flow analysis](https://blog.bitquery.io/coinpath-blockchain-money-flow-apis) for more than 24 blockchains. With Coinpath’s APIs, you can monitor blockchain transactions, investigate crypto crimes such as bitcoin money laundering, and create crypto forensics tools. Read [this to get started with Coinpath®](https://blog.bitquery.io/coinpath-api-get-start).

- **[Digital Assets API](https://bitquery.io/products/digital_assets?utm_source=blog&utm_medium=about)** provides index information related to all major cryptocurrencies, coins, and tokens. 

- **[DEX API](https://bitquery.io/products/dex?utm_source=blog&utm_medium=about)** provides real-time deposits and transactions, trades, and other related data on different DEX protocols like Uniswap, Kyber Network, Airswap, Matching Network, etc.

If you have any questions about our products, ask them on our [Telegram channel](https://t.me/Bloxy_info) or email us at [hello@bitquery.io](mailto:hello@bitquery.io). Also, subscribe to our newsletter below, we will keep you updated with the latest in the cryptocurrency world.

The post [Analyzing Decentralized Exchange using Bitquery Blockchain Explorer](https://bitquery.io/blog/dex-blockchain-explorer) appeared first on [Bitquery](https://bitquery.io).