The decentralized exchange (DEX) market has just reached a historic milestone, with over $1.15 trillion in volume processed during August.
DefiLlama data shows this is the first month where combined spot and perpetual contract volumes have exceeded $1 trillion in monthly activity.
Spot DEX volumes hit $506B in August, while perpetual contract volumes rose to over $648B, reaching an all-time high for this category.
The DEX market remains strong as Web3 becomes more accessible, thanks to apps like Best Wallet ($BEST).
Best Wallet provides an easy way to convert fiat via a mobile app, along with integration with multiple DEXs for a smooth crypto experience.
We’ll discuss why the $BEST token is the best way to buy and sell crypto through the Best Wallet app, but first, we’ll take a closer look at the DEX market.
Which DEXs are Seeing the Most Volume?
Uniswap remains the top spot DEX with over $143B in total volume processed during August, accounting for 28.2% of the month’s total spot volume. PancakeSwap is in second place with nearly three times less volume at $56.6B, while HyperLiquid ranks third with $21.7B.
The increase in spot volume raised the DEX-to-CEX trading ratio to 17.2% in August, indicating a growing interest in token swaps done entirely on-chain. The DeFi market cap now stands at $160 billion and continues to grow as more users join the DeFi space.
Best Wallet is set to take advantage of a strong DEX market, beginning to compete with institutional CEXs. Let’s learn more about how Best Wallet ($BEST) makes integration with DEXs easier.
Best Wallet – A Cross-Chain Wallet Built for the Mobile-First Generation
Best Wallet Token ($BEST) is Best Wallet’s official token, a mobile-first crypto wallet that works across multiple blockchains with native DEX support.
Best Wallet surpasses older wallets like MetaMask by consolidating your entire crypto portfolio into one app, reducing the need to switch between different blockchains such as Ethereum and Solana.
It also gives you access to an exclusive token launchpad to participate in presales for upcoming crypto projects before they are available on CEX and DEXs.
Regarding security, Best Wallet employs Fireblocks MPC-CMP to protect your wallet from crypto theft. It’s easy to back up your wallet to the cloud within the app and restore it whenever needed. If you’re interested, you can try it out yourself – Best Wallet is already available on Google Play and the Apple App Store.
Best Wallet improves with $BEST. It lowers your transaction fees when swapping crypto, lets you vote on new blockchain support from the Best Wallet DAO, and gives you early access to exclusive new presale tokens before they’re more widely available.
There are attractive staking rewards available if you buy $BEST now. You can stake and earn returns of up to 86% annually. Act quickly, as over $15.4 million worth of $BEST has already been reserved during the presale, pushing prices up to $0.025575. We also created a helpful guide on how to purchase $BEST.
Purchase $BEST today before the presale ends.
What’s Next For DEXs
The rise in decentralized exchange (DEX) volume indicates a growing demand for token swaps and leveraged crypto trading, particularly in perpetual futures. Any cryptocurrency project that can reduce the barriers to entry for the DEX market is likely to be quickly embraced by users eager to take advantage of a thriving market, especially those who might be unsure of how to begin.
That’s why we’re so excited about $BEST. As the official token of Best Wallet, it’s expected to benefit significantly from a larger DEX market by allowing users to reduce their crypto swap fees.
All crypto products are volatile. Make sure to always do your own research before investing and only invest what you’re prepared to lose. This article is not financial advice.
Authored by Aaron Walker, NewsBTC – https://www.newsbtc.com/news/dex-volume-hits-one-trillion-monthly-mark-big-for-best-wallet