> For the complete documentation index, see [llms.txt](https://docs.ecko.finance/eckodao/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ecko.finance/eckodao/eckodex/eckodex-litepaper/industry-outlook/dex-market-potential.md).

# DEX Market Potential

Market data shows that since the so-called DeFi Summer of 2020, decentralised finance has become increasingly mainstream. The considerable amount of volume traded on DEXes highlights the opportunity that eckoDEX faces, a project that not only addresses the weaknesses and deficiencies of the traditional financial industry, but also those of eckoDEX’s existing competitors.

DeFi is still in the early stages of existence. However, as of October 2020, over $11 billion was deposited across multiple decentralized finance protocols – a figure that represents a more than tenfold growth over the course of 2020. In the wake of this explosive trend, Nasdaq decided to create a stock market index (DEFX) to keep track of the largest DeFi products. There are currently about 200 DeFi projects, 90% of which use the Ethereum network.

![Figure 2 – Total Value Locked in DeFi Protocols (Source: defiliama 20.12.2021)](/files/2a20SI6xd0HjlAc0d8QF)

Since January 2020, DEXes yearly volume have experienced an over 2,000% increase, currently accounting for $4.2 billion in swap fees. These numbers show that investors have a strong forward-looking interest in DEXes and possible alternatives to traditional finance.


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