- The monthly DEX volume has touched a new all-time high at $435 billion
- The previous monthly high was set in November at $374 billion
- Uniswap and Raydium recorded the highest trading volume in December
The amount of value traded on decentralized exchanges (DEXs) in a month has reached a new all-time high of $435 billion, breaking November’s high of $375 billion. Most of the volume came from Uniswap and Raydium which recorded a cumulative trading volume of over $150 billion in December. A monthly DEX trading volume above $1 billion was first recorded in July 2020, an indication of DEXs’ adoption journey in the last four years.
Raydium Leads on Solana
According to DeFiLlama, Uniswap leads other DEXs with $106.68 billion followed by Raydium with $58.54 billion in the last 30 days. $62.83 billion of Uniswap’s volume came from its platform on the Ethereum main chain, followed by Ethereum layer 2 Arbitrum and Base where it got $22.41 billion and $15.80 billion, respectively.
It also registered a trading volume of over $1 billion on its Polygon, Binance Smart Chain, Optimism, and Avalanche-based outfits. PancakeSwap comes third at $53.23 billion.
The top five DEXs by volume also include Aerodrome and Orca which have recorded $30.93 billion and $ 23.09 billion respectively at the time of writing. Raydium and Aerodrome stand out because they operate on only one chain, Solana and Ethereum layer two network Base.
Raydium’s trading volume rise can be attributed to memecoin trading activities with a recent report showing that most of Solana-powered DApps’ revenue in November came from memecoins.
Trading Volume on Ethereum and BSC Drops
Ethereum-based DEXs have recorded a volume of slightly above $93 billion so far this month while Solana-powered DEXs lead with $120.25 billion.
Ethereum DEXs’ December high is lower than their all-time monthly high of $117.62 billion set in May 2021. Decentralized exchanges on Binance Smart Chain attracted $55.46 billion, a significant drop from its $140 billion high recorded in May 2021.
With DEXs’ trading volume hitting a new monthly peak at over $400 billion, the amount is expected to rise as more people embrace decentralized exchanges and as crypto-friendly U.S. President-elect Donald Trump assumes office on January 20.
