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Web Traffic on Crypto Exchanges Increased Significantly in July

July was a golden month for the decentralized finance (DeFi) industry, as various parameters surged significantly.

The trending DeFi sector increased three times since the first days of summer, including more than double growth in a little more than a month. The total value locked in the sector surpasses $4.73 billion at the time of publishing, as the market capitalization of the whole DeFi industry surpassed $11.6 billion recently.

Traffic on the decentralized cryptocurrency exchanges (DEX) has increased accordingly during the second month of summer. As shown in the data of cryptocurrency analysis firm ICO Analytics, the average web traffic growth in decentralized exchanges surpassed 68%, as some of them witnessed over a 150% increase in visitors.

According to the data, decentralized crypto exchange Uniswap was the indisputable leader in terms of web traffic volume and accounted for around 1.43 million visits within July alone. Meanwhile, the nearest competitors IDEX and Compound witnessed 0.705 million and 0.383 million visits respectively.

The data analytics however admit that the web traffic on decentralized exchanges, although impressive, is still far from the numbers of visitors, coming to the regular crypto exchanges, whose web traffic also increased by 13% within July, according to ICO Analytics.

The list leaders Binance and Coinbase both account for over 20 million visits in July. The traffic to Binance grew 9.8% since June and sits at 24.9 million at the time of publishing. Meanwhile, Coinbase saw a higher growth of 18% within a month, resulting in 22.5 million visits.

The biggest monthly increase in web traffic was witnessed in smaller cryptocurrency exchanges KuCoin and YoBit.net, which both accounted for over 3 million visitors and witnessed over 60% monthly web traffic growth.

In the meantime, 3 cryptocurrency exchanges saw a negative trend and a traffic drop in July. The well-known derivatives exchanges BitMEX and OKEx lost 1.6% and 6.7% of visitors respectively. Meanwhile, the web traffic of less known ZB.com exchanges decreased the most, by 9%.

BitMEX saw a record withdrawal in July when a single user removed over half a billion-dollar worth of Bitcoins from the exchange. The withdrawal however attracted the attention of Commodities and Futures Trading Commission (CTFC) resulting in the retraction of BitMEX users.

Meanwhile, OKEx has been one of the best performing trading platforms in terms of Ethereum futures volumes in July. However, according to Coin Metrics’ recently launched tool, which aims to identify the legitimate trading volume, OKEx was the only exchange that failed to meet the criteria of its Trusted Volume Framework tool.

However, despite the few, the majority of other regular and decentralized crypto exchanges account for growth in trading volumes and web traffic due to the exploding DeFi industry, that is nevertheless worth only 1.5% of the whole cryptocurrency market.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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