After experiencing a slump in September, with a trading volume of $30.22 billion, decentralized exchange (dex) activity saw a surge in October, climbing by over 32% to $39.98 billion. The momentum in dex trade volume has been consistent in November, with the past week alone accounting for $15 billion in trades.
After a September Decline, Dex Markets Rebound
According to recent statistics, decentralized exchange (dex) platforms registered an increase of $9.76 billion in trading volume in October compared to the previous month. The October volume reached $39.98 billion, which also slightly surpassed the $39.52 billion total of August.
As the first week of November 2023 has concluded, dex platforms have tallied $15 billion in trades, indicating a stronger volume that represents 37.51% of October’s entire volume over the same seven-day span. In the $39.98 billion total dex volume for October, Uniswap dominated with $26.86 billion, constituting over two-thirds of the month’s volume at 67%.
November’s figures so far show Uniswap’s dominance continues, with $9.10 billion of the $15 billion traded, capturing 60% of the volume from November 1 to November 7, 2023. In the same seven-day period, Pancakeswap notched $2.56 billion, while Curve Finance logged $732 million. Notably, 57.7% of all dex trade activity occurred on the Ethereum blockchain.
BNB secured just above 20%, and Arbitrum slightly more than 15%, based on the seven-day dex trade activity by blockchain share. This past week, Maverick hit the $541 million mark, while Balancer reached $506 million, and Dodo experienced $360 million in trading volumes.
Quickswap registered $283 million, Kyberswap attained $188 million, and Trader Joe concluded with $152 million, completing the roundup of the top ten dex platforms by seven-day trade volume. Although dex trade volumes have increased over the last seven days, they do not match the higher daily trading volumes witnessed on October 9, 11, and 13.
What do you think about the latest decentralized exchange trade volumes? Share your thoughts and opinions about this subject in the comments section below.
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