Decentralized Exchanges Near Trillion-Dollar Milestone: A Year of Record Volumes

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Per data analysis, decentralized exchange (dex) platforms nearly reached a trillion dollars in trading volume, posting $960.69 billion over the past year. Moreover, dex activity in December exceeded the previous 2023 high of $132.26 billion, concluding the month with $135.86 billion in finalized swaps.

Dex Platforms Rise to Near Trillion-Dollar Trading Volume in 2023

In the early days, dex platforms held a minor presence, yet they have surged as market leaders compared to the colossal centralized exchanges in recent years. Archived defillama.com data shows dex platforms recorded $7.4 billion in global trade volume in the last 24 hours.

Over the preceding week, these platforms have seen an 11% decrease in volume from the prior week, amounting to $32.83 billion in swaps. Currently, the foremost decentralized exchanges, based on a seven-day trading volume, are Uniswap, Pancakeswap, Orca, Curve Finance, and Thorchain.

December turned out to be the biggest month for dex trading protocols as $135.86 billion in swaps were recorded. This figure outpaced the prior record volume in March 2023 which saw $132.26 billion and the $97.40 billion recorded in November.

September turned out to be the lowest trading volume for dex platforms with only $44.36 billion recorded. The volumes this week indicate the high volume from December may continue to flow into the new year.

In terms of total value locked (TVL) Uniswap leads with $3.76 billion, Pancakeswap with $1.65 billion, Curve with $1.62 billion, Balancer with $954.85 million, and GMX with $619 million. With December’s record-breaking volume and the fluctuating weekly trade figures, dex platforms are not just challenging but reshaping the crypto economy.

As traders navigate through these digital waters, the trajectory of dexes will be a critical barometer for the evolving world of crypto trading over the next 12 months. Likewise, while considerably lesser in magnitude, dex protocol volumes mirrored the trends observed in centralized exchange volumes, with December, March, and November emerging as the peak months for activity in 2023.

While decentralized exchanges tallied $960 billion in the previous year, centralized exchange (cex) platforms hit $1.1 trillion in December alone. Monthly supremacy shows Binance at the forefront of cex trading volume, whereas Uniswap takes the lead in dex dominance each month.

What do you think about the dex trading volumes over the past year and December’s record volume? Share your thoughts and opinions about this subject in the comments section below.