In December, the total trading volume on decentralized exchanges reached an all-time high of $463 billion.
Uniswap led the platforms with $106.4 billion, followed by Pancake Swap at $96.4 billion and Raydium with $58 billion.
According to data from The Block, spot trading volume on centralized exchanges during the same period hit a three-year high of $2.78 trillion, with approximately $950 billion attributed to Binance.
“The sharp increase in DEX and CEX volumes reflects renewed market activity driven by recent volatility, growing trust in DeFi ecosystems, and enhanced liquidity and trading tools on centralized exchanges,” said Neil Wen from Kronos Research.
In December, leading OTC platforms also reported elevated trading volumes, nearly reaching 2021 levels.
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