Quick TakeSimilarly to volume on centralized exchanges, total volume on non-custodial exchanges dropped to a 9-month low in DecemberIn January 2019, the share of non-custodial vs. centralized volume was a mere 0.30% while it rose to above 0.50% by the end of 2019Uniswap is currently neck and neck with Kyber Network for the most non-custodial volumeNon-custodial exchanges won’t capture a significant portion of the centralized exchanges’ volume for the foreseeable future