Layer 2, Decentralized Exchanges Show Strong Growth on Ethereum in Q1 2022

Volumes on decentralized exchanges (DEX), which rely on smart contracts instead of third parties to process user trades, grew 667%. DEX volumes for spot assets increased as much as $3.9 trillion traded over the past year, while futures volumes increased by 2,704% from $7.4 billion to $209.1 billion. Part of these trades came from layer 2-based DEXs, such as dydx and Loopring.