According to ChainCatcher, based on data from The Block Research, the trading volume of decentralized exchanges (DEX) reached $300 billion in November, surpassing the previous cycle high of $260 billion set in May 2021.
Uniswap maintained its market leadership in November with 40% of total trading volume, while Raydium emerged as a strong competitor, capturing 18% of the market share.
According to data from The Block Research, Raydium's significant contribution is partly due to memecoin trading activities and the pump.fun project. The ratio of DEX to CEX (centralized exchanges) continues to rise, reaching 11% in November, up from 9.3% in early 2024 and 0.04% in early 2020.
