Monthly volume on decentralized exchanges surges to record high in December, surpassing $320 billion

Monthly trading volume on decentralized exchanges hit a new all-time high in December, according to The Block’s data dashboard .

December’s total DEX volume reached $320.5 billion, surpassing the previous record of $299.6 billion set in November.

Uniswap topped the list of decentralized exchanges with over $103 billion in trading volume in December, followed by PancakeSwap with $72 billion. Raydium , the largest DEX on Solana, came in third with $54.6 billion. Aerodrome and Curve also featured in the rankings.

CEX volume also rises

Meanwhile, monthly spot trading volume on centralized exchanges in December also hit the highest level since May 2021. Monthly spot volume jumped 137% from October to November, reflecting a positive market sentiment boosted by pro-crypto candidate Donald Trump’s reelection as U.S. President.

The Block's data dashboard shows that spot trading volume reached $2.78 trillion in December, with Binance accounting for nearly $950 billion. Crypto.com, Upbit, Bybit and Coinbase also processed hundreds of billions of dollars worth of crypto volume in December.

"The surge in DEX and CEX volumes reflects renewed activity across the crypto market, driven by recent increases in volatility, growing trust in DeFi ecosystems, and improved liquidity and trading tools on centralized exchanges," said Neal Wen of Kronos Research.