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In the latest report summarizing the Q3 2020 developments in the cryptocurrency field, CoinGecko has classified the outcome as the “summer of decentralized finance (DeFi).”

The popular data aggregator noted that the top-performing decentralized exchanges saw (DEX) massive growth in terms of trading volume resulting in reducing the market share of centralized exchanges (CEX).

DEX Are On The Rise

CoinGecko’s report emphasized on the developments within the decentralized finance industry, and especially the performance of decentralized exchanges. According to the data in the document, “Q3 2020 had been a vibrant quarter where the DeFi hype and yield farming frenzy took over the crypto-sphere. This resulted in a $155 billion increase (88%) in total trading volume.”

Q3 Total Trading Volume. Source: CoinGecko

As the graph above demonstrates, August and September saw a massive increase in trading volumes. DEXes have enjoyed an impressive surge in the market share from $3.8 billion in volume in July to over $30 billion in September.

The volume growth “far outpaced CEX,” which actually shrank in September.

DEX Vs. CEX Trading Volume Growth Q3. Source: CoinGecko

“Centralized exchanges still have the bulk of the trading volume, but obvious erosion of market share by DEXes have been observed. Currently, DEX volume stands at 6% of CEX.”