Report: DEX’s Trading Volume Rises $29 Billion
Kaiko has reported a significant increase in user activity on decentralized cryptocurrency exchanges (DEX).
The total value of transactions involving digital assets on DEX reached $29 billion in November.
Experts attribute the rise in DEX trading to higher volatility in the late autumn period, prompting traders to make more frequent transactions on these platforms.
This surge in activity marks a two-year high, as just six months prior in May 2021, DEX trading volume was around $124 billion. The most popular DEX platforms were Uniswap and Curve, both built on the Ethereum network.
The third spot in terms of trading volume went to PancakeSwap, which operates on the Binance Chain. This trend is reminiscent of a similar surge in DEX trading observed in November-December 2020.
Kaiko also pointed out the rapid growth of the DeFi market three years ago, which was largely driven by a influx of capital into leading protocol tokens.
At its peak, DEX transactions accounted for about 10% of the total volume on the crypto market. However, by January 2023, this share dropped to 5%, and currently sits at around 3%.
