Trading volume on decentralized exchanges, or DEXs, surpassed $11 billion in August as DeFi madness continues making headlines.

Numbers from analysis firm Dune Analytics revealed that August trading volume represented an uptick of 152% month-over-month.


The
main driver behind the skyrocketing DEX volume is Uniswap, which has
become a dominant exchange over the last couple of months. Uniswap has
accounted for $2.8 billion in volume over the past seven days and $877
million in the last 24 hours.


Uniswap even surpassed Coinbase in daily volume on Aug. 30 as investors flock to DeFi and decentralized exchanges.


This surge in interest has boosted other DeFI protocols during the past few days as well. Synthetix reached $1 billion in value locked,
following other DeFi protocols like Compound and Aave. Synthetix
Network Token (SNX) made substantial gains in 2020, hitting an all-time
high of $7.32 on Aug. 15. It has rallied more than 400% year-to-date.


Cointelegraph also reported
that yEarn Finance’s native token, YFI, has surged more than 75% in the
past 24 hours, achieving a new all-time high of $38,883 on Binance. The
strong upside move also brought the DeFi token’s market capitalization
above $1 billion.