According to data from The Block Research, decentralized exchange (DEX) trading volume reached $300 billion in November, surpassing the previous cycle high of $260 billion set in May 2021. The trading volume ratio of DEX to CEX continues to rise, reaching 11% in November, up from 9.3% in early 2024 and 0.04% in early 2020. In response, Deribit CEO Luuk Strijers expressed skepticism about the sustainability of many platforms due to regulatory pressure. "I think many platforms will no longer exist," Strijers argued. "So more precisely, I believe the regulatory framework will strengthen globally and make many platforms on the currently large list no longer viable, either because of high operational costs or because regulators will shut them down directly." (TheBlock)