DEX volume hits $300bn in November, Uniswap accounts for 40% of it

Trading volume on decentralised exchanges (DEX) reached $300 billion in November, surpassing the previous cycle high of $260 billion set in May 2021, according to data. Uniswap maintained its market leadership in November with 40 per cent of total trading volume, while Raydium emerged as a strong competitor with 18 per cent of the market. According to The Block Research, Raydium's significant contribution was partly due to memecoin trading activity and the pump.fun project. The ratio of DEX to CEX (centralised exchanges) continues to trend upwards, reaching 11% in November, up from 9.3% at the beginning of 2024 and 0.04% at the beginning of 2020.