Monthly trading volume on decentralized exchanges (DEXs) soared to an all-time high of $320.5 billion in December, surpassing the previous record of $299.6 billion set in November, according to data from The Block.
Uniswap led the DEX market with over $103 billion in trading volume, followed by PancakeSwap with $72 billion and Solana’s Raydium with $54.6 billion. Aerodrome and Curve also ranked among the top-performing platforms.
Centralized exchanges (CEXs) also saw significant activity, with spot trading volume in December reaching its highest level since May 2021. Monthly spot volume rose 137% from October to November, totaling $2.78 trillion, driven by positive market sentiment following pro-crypto candidate Donald Trump’s reelection as U.S. President. Binance alone accounted for nearly $950 billion of the spot trading volume, while Crypto.com, Upbit, Bybit, and Coinbase processed hundreds of billions of dollars collectively.
“The surge in DEX and CEX volumes reflects renewed activity across the crypto market, driven by recent increases in volatility, growing trust in DeFi ecosystems, and improved liquidity and trading tools on centralized exchanges,” said Neal Wen of Kronos Research.
The record-breaking DEX volumes underline the growing appeal of decentralized finance, while the resurgence in CEX activity highlights the coexistence of centralized and decentralized trading platforms in a rapidly evolving crypto landscape.