Decentralized Exchange (Dex) Markets Rebound After September Decline
Following a slump in September, dex activity experienced a significant surge in October, with trading volume climbing by over 32% to $39.98 billion. This momentum has continued into November, with the past week alone accounting for $15 billion in trades.
October Dex Volume Surpasses Previous Months
In October, decentralized exchange platforms saw an increase of $9.76 billion in trading volume compared to September, reaching a total of $39.98 billion. This figure slightly surpassed the total volume of August as well.
Uniswap Dominates Dex Trade Activity
Uniswap dominated the dex trade volume for October with $26.86 billion, constituting over two-thirds of the month’s volume at 67%. In the first week of November, Uniswap continued to lead with $9.10 billion in traded volume, capturing 60% of the total volume for that period.
Pancakeswap and Curve Finance also recorded significant volumes during this time, with Ethereum blockchain accounting for 57.7% of all dex trade activity.
Top Ten Dex Platforms by Seven-Day Trade Volume
Based on seven-day dex trade activity by blockchain share, BNB secured just above 20%, followed by Arbitrum at slightly more than 15%. The top ten dex platforms by seven-day trade volume also included Maverick, Balancer, Dodo, Quickswap, Kyberswap, and Trader Joe.
Dex Trade Volumes and Daily Trading Trends
While dex trade volumes have increased over the last seven days, they have not matched the higher daily trading volumes witnessed on specific dates in October.
Hot Take: Dex Activity Shows Resilience and Growth
The recent surge in decentralized exchange (dex) activity demonstrates the resilience and growth potential of these platforms. With Uniswap leading the way, it’s clear that dex trading continues to gain momentum and play a significant role in the cryptocurrency market.
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