Global crypto exchanges have reportedly seen a significant increase in web traffic in July as cryptocurrency prices gained momentum.
According to data from crypto analytics startup ICO Analytics, web traffic on global crypto exchanges increased by 13% on average in July 2020.
Illia Kmez, head of content at ICO Analytics, told Cointelegraph that centralized crypto exchanges added 26% in web traffic since December 2020. In order to provide calculations, the startup analyzed web traffic of around 100 exchanges including international trading platforms and exchanges that only operate in one country, Kmez said.
While the average stands at 13%, some crypto exchanges have recorded a more notable monthly increase, with traffic surging over 60% ,as was the case with YoBit.net and KuCoin.
Binance, the world’s largest crypto exchange, reportedly saw 24.9 million visits in July, with traffic surging nearly 10%. Coinbase, the largest crypto exchange and wallet service in the United States, recorded 22.5 million visits during that month, with traffic seeing an 18% increase.
Not everyone is a winner
Other popular exchanges like BitMEX and OKEx saw their traffic drop in July. According to the data, BitMEX’s traffic dropped 1.6%, while OKEx saw a 6% decline.
Web traffic dynamics of crypto exchanges in July 2020. Source: ICO Analytics' Twitter
Uniswap is the largest DeFi protocol by web traffic
In another Aug. 9 tweet, ICO Analytics provided similar statistics regarding decentralized finance, or DeFi. According to the data, decentralized exchange Uniswap is the largest in terms of web traffic with more than 1.4 million visits in July. Uniswap is ranked the ninth largest DeFi environment in terms of total value locked in the protocol, according to data from major industry website DefiPulse.com.
According to ICO Analytics, DeFi liquidity provider Balancer Pool saw the largest increase in web traffic, up 193% in July.
ICO Analytics also noted that, despite significant growth of DeFi markets-related traffic, none of DeFi platforms have reached the level of top 20 centralized exchanges.
Earlier in July, crypto market analytics firm Messari said that DeFi makes up only 1.5% of the entire crypto market. As of press time, total value locked in DeFi markets accounts for $4.7 billion, according to DefiPulse.com.