Decentralized finance (DeFi) has emerged as i of the driving forces of crypto sector growth, and information technology is also establishing itself as an integral component driving widespread adoption of cryptocurrencies.

A recent report from Delphi Digital points out that in that location has been a 440% increase in "the circulating market cap of leading DEX protocols over the past xxx days," which has also led to "the trading volume they facilitate to rising along with them."

Circulating market cap of DEX protocols. Source: Delphi Digital

DEX volume in January 2022 ready a new all-time high combined total above $55 billion, more than double the previous high of $26 billion in September 2022.

Uniswap currently dominates the field, with a total of $29.5 billion in volume in January, representing 45% of the volume traded past all DEXes, while its peak competitor, SushiSwap, deemed for 22% of the total book, with $12.2 billion transacted.

Monthly DEX trading book. Source: Delphi Digital

The total value locked (TVL) on DEX platforms has too reached a new all-time loftier value of $9.948 billion as of Feb. 2, comprising 36% of the full $27.785 billion locked on all DeFi-related platforms.

Uniswap once again leads all DEXes in terms of TVL, with $3.18 billion locked on the protocol, while Curve DAO came in 2nd with $2.97 billion, followed past SushiSwap, which has $ii.34 billion.

Full value locked in DEXs. Source: DeFi Pulse

Equally discussed by Delphi Digital, both the Uniswap and SushiSwap protocols take built-in fee structures that allow tokenholders the opportunity to stake their UNI or SUSHI and earn rewards.

Incentives like these assistance to further promote the growth of DEXs and DeFi in general every bit decentralized protocols look to claim more of the available market share from centralized exchanges.