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Decentralized Financing (DeFi) has emerged as one of the driving forces behind the growth of the crypto sector, and it is also establishing itself as a integral part that encourages wide acceptance of cryptocurrencies.

A recent report from Delphi Digital points out that the “circulating market capitalization of leading DEX protocols has grown 440% in the past 30 days,” which has also led to “the volume of trading they facilitate is growing along with them.”

Circulating market capitalization of DEX protocols. Source: Delphi Digital

January 2020 DEX volume posted a new combined aggregate of more than $ 55 billion, more than double the previous record of $ 26 billion in September 2020.

Uniswap currently dominates the field, totaling $ 29.5 billion in volume in January, representing 45% of the volume traded by all DEXs, while the top competitor, SushiSwap, accounting for 22% of the total volume, with $ 12.2 billion traded.

Monthly DEX trading volume. Source: Delphi Digital

Total value locked (TVL) on DEX platforms also hit a new high of $ 9.948 billion on Feb. 2, comprising 36% of the total $ 27.785 billion locked on all DeFi-related platforms.

Uniswap once again leads all DEXs in terms of TVL, with $ 3.18 billion on the protocol, while Curve DAO comes in second with $ 2.97 billion, followed by SushiSwap, which has $ 2.34 billion.

Total value locked in DEXs. Source: DeFi Pulse

As discussed by Delphi Digital, both the Uniswap and SushiSwap protocols have built-in fee structures that allow token holders to stake their UNI or SUSHI and earn rewards.

Such incentives help further drive the growth of DEXs and DeFi in general as decentralized protocols seek to claim more of the available market share from centralized exchanges.