DexCheck Whitepaper

Market Analysis

The growth of decentralized finance in 2021 has been enormous, with unprecedented trading volumes reaching new heights. Specifically, DEXs (one of the most popular products of Decentralized Finance) have reported over $1.2 trillion in trading volumes for the year, representing an astounding 858% increase compared to 2020.
The Total Value Locked of the DeFi ecosystem has grown by almost 300% in two years. On January 1st, 2021, DeFi’s TVL was 15.29 billion dollars, while on January 1st, 2023, it reached the level of 38.78 billion USD. The 2022 bear market produced a hard fall for DeFi’s TVL, but, on the bright side, the best projects survived the storm, and the outlook for DeFi’s future has never been more promising.
In addition to the DeFi ecosystem, the non-fungible token (NFT) industry has also seen significant growth in 2021, handled excellently the 2022 bear market, and will continue to develop rapidly in 2023. However, as the NFT industry continues to evolve, the lack of analytical tools has become a significant hurdle for many enthusiasts looking to explore new projects in this space. These tools are vital for identifying promising projects and hidden gems that have the potential to skyrocket in the next bull market.
The DexCheck team believes that decentralized finance will eventually surpass the trading volume of centralized finance, as it continues to evolve and offer a wider range of features. As trading volumes continue to rise, many users will find it increasingly difficult to make informed investment decisions based on the vast amount of historical data available.
Despite the harsh bear market of 2022, the DeFi ecosystem has remained resilient and did not stop generating new, exciting projects. The outlook for 2023 is optimistic for Decentralized Finance, and analytical tools are much-needed to accompany its rapid growth.