Decentralized Exchanges Achieve New Milestone With Record Volumes

Decentralized Exchanges Achieve New Milestone With Record Volumes 

Decentralized exchange (Dex) platforms reached almost a trillion dollars in trading volume, registering USD 960.69 billion over the past year, as per data analysis. Dex activity surpassed the previous high of USD 132.26 billion in 2023, concluding the month of December with USD 135.86 billion in finalized swaps.

Dex Platforms Close to the Trillion-Dollar Trading Volume

Dex platforms known for their marginal presence, have surged as market leaders compared to the huge centralized exchanges in recent years. Dex platforms recorded USD 7.4 billion in global trade volume in the last 24 hours, according to archived defillama.com data.

The leading decentralized exchanges are Uniswap, Pancakeswap, Orca, Curve Finance, and Thorchain based on the seven-day trading volume. These platforms have witnessed an 11% decline in volume over the last week, amounting to USD 32.83 billion in swaps. 

December was the biggest month for Dex trading protocols, with USD 135.86 billion in swaps, while the previous record volume was in March 2023 at USD 132.26 billion, and November volume was at USD 97.40 billion.

September recorded the lowest trading volume for Dex platforms, with only USD 44.36 billion in swaps. The volumes this week indicate the high volume from December is likely to spill over into the new year.

Uniswap leads the pack with USD 3.76 billion, Pancakeswap with USD 1.65 billion, Curve with USD 1.62 billion, Balancer with USD 954.85 million, and GMX with USD 619 million for total value locked (TVL). Dex platforms are beginning to reshape the crypto economy with their record-breaking volume in December.

Dex Protocol Volumes: A Reflection of Trends Across Cex

The next 12 months are likely to be critical for the evolving world of crypto trading and Dex platforms. December, March, and November emerging as the peak months in Dex protocol volumes are a reflection of trends observed across centralized exchanges.

While decentralized exchanges recorded USD 960 billion in the previous year, centralized exchange (Cex) platforms touched USD 1.1 trillion in December.  Binance is at the forefront of Cex's monthly trading volume, whereas Uniswap leads in the monthly Dex dominance.

What is your take on the Dex trading volumes over the past year and the record volume in December? Please share your thoughts and opinions about this subject in the comments section below.