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According to data from The Block, decentralized exchanges (DEX) achieved their highest trading volume ever in December. The total trading volume for the month reached $320.5 billion, surpassing the previous record of $299.6 billion set in November.
Uniswap Maintains its Leadership in December
Uniswap led the decentralized exchanges with a trading volume exceeding $103 billion in December. Following closely was PancakeSwap, with a trading volume of $72 billion.
The largest DEX on Solana 
$161, Raydium, secured the third position with a trading volume of $54.6 billion. Other DEXs such as Aerodrome and Curve also made it into the rankings.
Centralized Exchanges Also See Increased Trading Volume
In tandem with the rise in decentralized exchanges, centralized exchanges (CEX) also experienced increased trading volume in December. The spot trading volume on CEX reached its highest level since May 2021. The trading volume surged by 137% between October and November, attributed to a positive market sentiment boosted by the possibility of Donald Trump’s re-election as President.
According to The Block, the spot trading volume in December hit $2.78 trillion. Binance took the largest share of this, with trading volume nearing $950 billion. Other CEXs like Crypto.com, Upbit, Bybit, and Coinbase also recorded hundreds of billions of dollars in trading volume.
Neal Wen from Kronos Research interpreted the increased trading volumes on both DEXs and CEXs as a resurgence in the cryptocurrency market. He explained that this rise is linked to growing confidence in decentralized finance ecosystems, alongside improvements in liquidity and trading tools on CEXs.
