In November, the trading volume of decentralized exchanges (DEX) reached a new high of $300 billion, surpassing the $260 billion peak in May 2021 📈. Uniswap continues to lead with a 40% market share, while Raydium has risen to capture an 18% market share thanks to memecoin trading and the pump.fun project.

Notably, the trading ratio of DEX to centralized exchanges (CEX) has been steadily increasing, reaching 11% in November, compared to 9.3% at the beginning of 2024 and just 0.04% at the beginning of 2020 📊. This trend indicates a growing market interest in decentralized trading.