October DEX trading volume sets an all-time high

Son Min

Summary

In October, decentralized exchanges (DEX) trading volume reached $613.3 billion, an all-time high.
Despite the virtual assets market downturn, investors reallocated assets to DEXs, drawn by on-chain trading and participation incentives.
During the same period, centralized exchanges (CEX) trading volume also reached $2.17 trillion, the highest since January this year.

Last month, global decentralized exchanges (DEX) trading volume reached an all-time high. As the virtual assets (cryptocurrencies) market showed a sharp decline, investors reallocated assets, causing on-chain trading to surge.

On the 2nd (local time), DefiLlama said October DEX trading volume was about $613.3 billion, an increase of 20% or more from September ($500 billion). This is the highest level since DEX trading volumes began being tracked.

By exchange, Uniswap (UNI) took first place with $170.9 billion, a large increase from $106.5 billion in September. PancakeSwap (CAKE) was second with $101.9 billion, followed by BybitSwap and Curve (CRV).

Vincent Liu, chief investment officer (CIO) of Chronos Research, analyzed, "Traders are flocking to DEXs not just for on-chain transfers for simple asset storage but are drawn by participation incentives such as liquidity mining and airdrops."

Centralized exchanges (CEX) trading volume also increased. October CEX trading volume was $2.17 trillion, the highest since January this year. It rose 28% from September ($1.69 trillion). Binance remained first with $810.4 billion, followed by Gate with $175.6 billion, Bybit with $156.9 billion, and Bitget with $134.7 billion.