Trading on decentralized exchanges (DEX) reached a record $462 billion in December

Decentralized exchanges (DEX) hit a new trading volume record in December 2024. According to data from the DeFiLlama platform, monthly trading volume soared to $462 billion. The previous record was set in November — $374 billion. This growth is attributed to expectations of a more favorable regulatory environment in the USA following Donald Trump’s presidential election victory.

Top DEXs by trading volume

• Uniswap maintains its leadership among decentralized exchanges, with a trading volume of $106.4 billion for the month.
• PancakeSwap took second place with a volume of $96.4 billion.
• Raydium, the largest exchange on the Solana blockchain, registered $58 billion in trading volume, supported by an increase in revenue from decentralized apps on Solana.

• Aerodrome and Orca took fourth and fifth places with volumes of $31 billion and $22 billion respectively.

2024 ends with a record boom in DeFi. Market leaders such as Uniswap and PancakeSwap continue to strengthen their positions, while memecoins demonstrate volatility that highlights the risks of this market segment.

Amid the rise in trading volumes in DeFi, the memecoin market experienced a serious downturn. At the beginning of December, the market capitalization of memecoins reached $137 billion, but by December 23, it had dropped to $92 billion. The initial sharp rise in memecoins was due to listings on American exchanges and a new surge in popularity for the Pepe (PEPE) token.

Source: DefiLlama