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.
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