Dex Trading Volume Jumps 32% in October; The First Week of November Ended With Strong Activity
According to the latest statistics, decentralized exchange (dex) platforms recorded an increase in trading volume of $9.76 billion in October compared to the previous month. October volume was $39.98 billion, which also slightly surpassed August's total of $39.52 billion.
As the first week of November 2023 ended, the dex platform had tallied $15 billion in trades, showing stronger volume representing 37.51% of October's overall volume in the same seven-day span. In the index's $39.98 billion total volume for October, Uniswap dominated with $26.86 billion, accounting for more than two-thirds of the month's volume at 67%.
November numbers so far show Uniswap's dominance continues, with $9.10 billion of $15 billion traded, accounting for 60% of volume from November 1 to November 7, 2023. In the same seven-day period, Pancakeswap recorded $2.56 billion, while Curve Finance recorded $732 million. Notably, 57.7% of all dex trading activity occurs on the Ethereum blockchain.
BNB gained a little over 20%, and Arbitrum a little over 15%, based on seven-day dex trading activity based on blockchain stocks. This past week, Maverick hit the $541 million mark, while Balancer hit $506 million, and Dodo saw trading volume of $360 million.
Quickswap registered $283 million, Kyberswap earned $188 million, and Trader Joe finished with $152 million, completing the roundup of the top ten dex platforms based on seven-day trading volume. While dex trading volumes have increased over the past seven days, they pale in comparison to the higher daily trading volumes seen on October 9, 11, and 13.
