The monthly trading volume of decentralized exchanges hit a new high in December, exceeding 320 billion USD.

In December 2023, the monthly trading volume of decentralized exchanges (DEX) reached a new high, exceeding $320 billion. According to data from The Block, the total trading volume of DEX in December hit $320.50 billion, surpassing the record of $299.60 billion set in November. Uniswap topped the list with a trading volume of over $103 billion, followed by PancakeSwap with $72 billion. Raydium, the largest DEX on Solana, ranked third with $54.60 billion. Meanwhile, the monthly spot trading volume of centralized exchanges (CEX) also reached its highest level since May 2021, with December's spot trading volume hitting $2.78 trillion. Binance accounted for nearly $950 billion of this volume. Neal Wen from Kronos Research stated that the surge in trading volumes for both DEX and CEX reflects increased activity in the crypto market, driven by heightened volatility, increased trust in the DeFi ecosystem, and improvements in liquidity and trading tools on centralized exchanges.