Trading volume on decentralized exchanges hit a record at $320,5 billion in December

The rate of centralized platforms is also at its highest since 2021

30.12.2024 - 11:00

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What’s new? Monthly trading volume on decentralized exchanges (DEXs) reached $320,5 billion in December, surpassing the previous all-time high of $299,6 billion set a month earlier. According to The Block, Uniswap topped the list with more than $103 billion in trading volume, followed by PancakeSwap with $72 billion. Raydium, the largest DEX on the Solana blockchain, ranked third with $54,6 billion. Aerodrome and Curve also featured in the ranking.

Data by The Block

What else is known? Meanwhile, monthly spot trading volume on centralized exchanges (CEX) in December also reached its highest level since May 2021.

The figure jumped 137% from October to November, reflecting positive market sentiment driven by Donald Trump’s pro-cryptocurrency re-election.

In December, however, the figure reached $2,78 trillion, with Binance accounting for nearly $950 billion. Crypto.com, Upbit, Bybit, and Coinbase also processed hundreds of billions of dollars worth of crypto transactions.

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According to Neal Wen of Kronos Research, the surge in trading volumes on DEXs and CEXs reflects renewed activity in the crypto market driven by the recent increase in volatility, growing confidence in DeFi ecosystems, and improved liquidity and trading tools on CEXs.

From November to December, the spot trading volume on the leading centralized exchanges grew by 141%. The growth was demonstrated by all leading CEXs, the “worst” was the result ofthe HTX platform with a growth of 69%.

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