According to ChainCatcher news, data from The Block shows that the monthly trading volume of decentralized exchanges (DEX) in December reached an all-time high of $320.5 billion, surpassing the $300 billion mark for the first time and breaking the record of $299.6 billion set in November. Among them, Uniswap led with over $103 billion in trading volume, followed closely by Pancakeswap with a monthly trading volume of $72 billion, and Raydium on Solana ranked third with $54.6 billion.
Analysts point out that many popular crypto assets (such as AI-related tokens) are traded only on DEX, while the rise of some projects like Hyperliquid indicates that listing on CEX is no longer a necessary condition for achieving high market capitalization.
In addition, the CEX spot trading volume in December reached its highest level since May 2021, totaling $2.78 trillion, with Binance contributing nearly $950 billion. Crypto.com, Upbit, Bybit, and Coinbase also processed hundreds of billions of dollars in trading volume. Analysts believe that the surge in DEX and CEX trading volumes reflects a recovery in market activity, driven by recent increases in volatility, enhanced trust in the DeFi ecosystem, and improvements in CEX liquidity and trading tools.
