Decentralized exchanges (DEX) hit a historic high in December, with trading volume surpassing $300 billion for the first time, reaching $320.5 billion 🎉. Among them, Uniswap leads with a trading volume of over $103 billion, followed closely by Pancakeswap and Raydium. Analysts point out that many popular crypto assets are traded only on DEX, indicating that listing on CEX is no longer the only pathway for high market capitalization.

Meanwhile, the spot trading volume on centralized exchanges (CEX) also reached its highest level since May 2021, totaling $27.8 trillion. Binance contributed nearly $9.5 trillion. The surge in trading volume for both DEX and CEX reflects a recovery in market activity, benefiting from recent increases in volatility and enhanced trust in the DeFi ecosystem 📈.