DeFi protocols are of great interest to many users. That applies equally to DEXes, which can bring many people into the DeFi fold. Surprisingly, Trader Joe tops last month’s rankings, with Uniswap not even making the top five.
Trader Joe (Avalanche)
It is intriguing to see how the different DEXes shape up these days. Projects initially launching on Ethereum may still have the highest TVL, but their monthly users are dwindling. That creates new opportunities for solutions like Trader Joe on the Avalanche network. With $1.44 billion in TVL, the DEX noted almost 293,000 users over the past 30 days. An impressive number, beating the competition hands down.
It is not entirely surprising to see a Polygon DEX rank so highly for 30-day users. Polygon has far more affordable fees than Ethereum, making it a suitable layer for trading, NFTs, and DeFi. QuickSwap is the only other protocol among DEXes noting over 265,000 users this past month. That is interesting, considering the platform has $685 million in TVL today.
Evidently, expanding a popular DEX to multiple blockchains will positively impact user growth and TVL. Sushiswap is one of the multichain DEXes with $5.06 billion in Total Value locked. Moreover, the platform notes over 220,000 30-day active users, a good sign. A weekly TVL dip of over 8.3% doesn’t appear to diminish SushiSwap’s appeal, although these rankings can look very differently next month.
The Fantom blockchain has noted strong DeFi growth over the past few months. SpookySwap is the top DEX on this network for monthly active users, with 196,920 users over the past 30 days. The platform also notes a strong TVl increase, bringing its total to $1.49 billion. SpookySwap is on the cusp of entering the DEXes top 5 by TVL, although the gap to Balancer is rather steep.
As the popularity of Solana grows, so does the appeal of any DEXes on the network. Raydium is the leading DEX on Solana for 30-day users, noting 186.770 users. That is slightly ahead of Uniswap, which is interesting to keep an eye on. Moreover, Raydium has $753.19 million in Total Value Locked, indicating more people have taken notice of this platform lately.
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