Among top fiat-to-crypto platforms, monthly volumes overall increased by a solid 85%. While itself experiencing a 47% drop in volumes, major South Korean crypto exchange Bithumb was the top exchange by total volume in April overall, reporting $17 billion.
Bithumb was followed by Upbit and Bitfinex at 8.7 billion USD (up 20%) and 6.7 billion USD (up 114%) respectively, the report continues. While Coinbase, Kraken, Bitstamp and Coinsbit all similarly experienced an increase in volumes in April, crypto exchange Liquid reported a decrease, according to CryptoCompare.
Among crypto-crypto platforms, the average volume increase was reportedly 57%. China-based FCoin — unlike in previous months — was the largest exchange by monthly volume at $37.1 billion (up 300%), followed by OKEx and ZB at $35.1 billion (up 12.4%) and $32.4 billion (up 18.8%) respectively.
In terms of decentralized exchanges (DEX) in April, Ethermium remained the largest DEX in the market with $194 million, despite seeing a 42% volume drop. WavesDEX saw $32.5 million (up 3.5%), followed by IDEX at $31.4 million (up 15.9%).
Another trend identified in the report was a 124% increase in the volume of exchanges using a transaction fee mining model, having traded $115 billion in April. Nonetheless, exchanges charging taker fees still traded $352 billion (up 30%), remaining the dominant fee type at 75.1% of total volume.