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Bitcoin Futures, DEX Trading Set New Records on Feb. 23: Details

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Wed, 02/24/2021 - 11:11
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Vladislav Sopov
The ongoing crypto market correction has already resulted in some trading volume records
Bitcoin Futures, DEX Trading Set New Records on Feb. 23: Details
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According to on-chain analytical services, yesterday's trading session in crypto set a number of records. In terms of decentralized exchanges, these milestones seemed impossible months ago.

Yet another high for DEXs: $4.2 billion in 24 hours

In its latest tweet, Dune Analytics, which addresses the segment of on-chain crypto metrics, noticed that aggregated trading volume on major decentralized trading platforms printed a new high. This excludes the day of the devastating "flash-loan" attack against numerous protocols in October 2020.

DEX daily trading volume rocketed over $4 billion
Image via Twitter

The total trading volume for all exchanges surpassed $4,200,000,000 in 24 hours. Uniswap (UNI), SushiSwap (SUSHI), Curve (CRV), 0x (ZRX) and Bancor Protocol (BNT) are the flagship instruments of this craze.

Dune Analytics experts noticed that, in 2019, it took the whole year for the DEX segment to process $3 billion in trading volume. Thus, the interest in decentralized trading surged more than 500x.

Related
Ethereum-Powered DEX Uniswap Reaches $10,000,000,000 Worth of Trading Volume

Because the vast majority of popular DEXs are working on the Ethereum (ETH) blockchain, this upsurge resulted in a spike in miner commissions. Yesterday, Ethereum (ETH) miners earned almost $50 million in fees in 24 hours.

Record-breaking Bitcoin (BTC) futures trading session

Also, Bitcoin (BTC) futures trading has witnessed a record-breaking day. According to Skew analytical dashboards, its metrics touched a new all-time high at around $175 billion.

Bitcoin (BTC) futures witnessed record-breaking session
Image via Twitter

Binance Futures and Huobi Futures are responsible for the lions' share of this volume.

As covered by U.Today previously, on Feb. 22-23, 2021, Bitcoin (BTC) bulls went through a series of painful liquidations. More than $1 billion in longs was liquidated on Binance only.

Related
$1,000,000,000 in Bitcoin (BTC) Longs Erased on Binance as Bitcoin Loses 23 Percent

In the same period, the net volume of liquidations for all currencies surpassed $5.2 billion.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)