The Block issued an analysis saying that, similar to the transaction volume of centralized exchanges, the total transaction volume of non-custodian exchanges fell to a nearly nine-month low in December last year. In January 2019, the ratio of unmanaged transaction volume to centralized transaction volume was only 0.30%, but by the end of 2019, this proportion has risen to more than 0.50%. Uniswap currently goes hand in hand with Kyber Network and has the largest volume of unmanaged transactions. In the foreseeable future, non-custodial exchanges will not account for a large part of the trading volume of centralized exchanges.