Uniswap Shines as DEXes Reel in Record $450B Volume 

Key Takeaways

• Uniswap recorded over $100 billion in monthly trading volume.
• Centralized exchanges saw the highest trading volume in three years during December.
• Decentralized exchanges (DEXs) hit a new record with $460 billion in monthly trading volume.

Uniswap solidified its dominance in the decentralized market in December, standing out as the largest decentralized exchange by trading volume.

The platform achieved a remarkable $106 billion in monthly volume, contributing to the broader surge in decentralized finance (DeFi).

Total DEX trading volume  also hit a historic peak in December, reaching $462 billion.

DEXs Continue to Thrive Amid Shrinking Assets on CEX

As confidence in decentralized platforms grows, total value locked (TVL) in DEX platforms rose substantially in December.

Meanwhile, assets on centralized exchanges (CEXs) continued to shrink.  

The Bitcoin reserve on centralized exchanges plummeted to a five-year low, and Ethereum’s trading volume on these platforms also hit a new low.

Uniswap led the pack with $106 billion in monthly trading volume, followed closely by PancakeSwap with $96 billion.

Other notable players included Solana-based Raydium, with $56 billion in monthly trading volume, and Aerodrome, which recorded $31 billion. Orca also saw impressive figures, registering $22 billion in monthly volume.

CEX Volume Hits Three-Year High

Despite the decline in assets, centralized exchanges experienced their strongest trading volume in three years.

December’s total CEX spot trading volume reached $2.78 trillion, driven largely by Binance, which contributed nearly $950 billion.

Other platforms, including Coinbase, Upbit, Crypto.com, and Bybit, saw trading volumes exceeding $100 billion, reflecting renewed trading activity as the market gains momentum.

Market analysts attribute the surge in trading volume across both DEXs and CEXs to the revitalized bullish sentiment, particularly following the conclusion of the 2024 U.S. general elections.

The shift in market dynamics signals renewed investor confidence in both decentralized and centralized platforms as the crypto market enters the final stretch of the year.