In December, the total trading volume on decentralized exchanges reached a record high of $463 billion.
Uniswap led the platforms with $106.4 billion. Pancake Swap followed with $96.4 billion, and Raydium came third with $58 billion.
According to The Block, during the same period, spot trading volume on centralized platforms reached a three-year high of $2.78 trillion, with approximately $950 billion attributed to Binance.
“The sharp increase in volumes on DEX and CEX reflects a resurgence of activity in the cryptocurrency market, driven by recent volatility, growing confidence in DeFi ecosystems, and improved liquidity and trading tools on centralized exchanges,” noted Neil Wen from Kronos Research.
Back in December, leading over-the-counter platforms reported increased trading volumes, nearly reaching 2021 levels.