After experiencing a slump in September, with a trading volume of $30.22 billion, decentralized exchange (dex) activity saw a surge in October, climbing by over 32% to $39.98 billion. The momentum in dex trade volume has been consistent in November, with the past week alone accounting for $15 billion in trades.
After a September Decline, Dex Markets Rebound
According to recent statistics, decentralized exchange (dex) platforms registered an increase of $9.76 billion in trading volume in October compared to the previous month. The October volume reached $39.98 billion, which also slightly surpassed the $39.52 billion total of August.
As the first week of November 2023 has concluded, dex platforms have tallied $15 billion in trades, indicating a stronger volume that represents 37.51% of October’s entire volume over the same seven-day span. In the $39.98 billion total dex volume for October, Uniswap dominated with $26.86 billion, constituting over two-thirds of the month’s volume at 67%.
November’s figures so far show Uniswap’s dominance continues, with $9.10 billion of the $15 billion traded, capturing 60% of the volume from November 1 to November 7, 2023. In the same seven-day period, Pancakeswap notched $2.56 billion, while Curve Finance logged $732 million. Notably, 57.7% of all dex trade activity occurred on the Ethereum blockchain.
BNB secured just above 20%, and Arbitrum slightly more than 15%, based on the seven-day dex trade activity by blockchain share. This past week, Maverick hit the $541 million mark, while Balancer reached $506 million, and Dodo experienced $360 million in trading volumes.
Quickswap registered $283 million, Kyberswap attained $188 million, and Trader Joe concluded with $152 million, completing the roundup of the top ten dex platforms by seven-day trade volume. Although dex trade volumes have increased over the last seven days, they do not match the higher daily trading volumes witnessed on October 9, 11, and 13.
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