In November, trading volume on the leading spot platforms tracked by ForkLog rose 22% to $689 billion, despite the collapse of FTX structures. As reported in the magazine’s monthly analytical report.
Of the total $495 billion (70%), Binance accounted for the lion’s share, becoming the main beneficiary of the FTX International collapse. Coinbase and Kraken also improved their positions, at $61 billion and $23 billion respectively, as the U.S. arm of Sam Bankman-Fried’s exchange also closed, and local users cannot operate with unregulated platforms.
By November, the aggregate assets on centralized exchanges (CEX) accounts declined by 15% — monthly outflow exceeded 3.5 million ETH. The share of ETH locked in DeFi smart contracts reached 26.71% (27.97% in October).
Against a backdrop of eroding trust in centralized services, users have renewed interest in decentralized exchanges. ForkLog-tracked non-custodial platforms recorded a trading volume of nearly $69 billion — the highest since June 2022.
Uniswap’s figure rose by 58%, reaching $43 billion. Curve posted a significant gain—from $3.7 billion to $14.4 billion (+280%). DODO’s volume rose from $3.7 billion to $5.2 billion (+40%).
In November, JPMorgan analysts concluded that the supremacy of CEX over their decentralized counterparts would persist, despite the FTX collapse.
Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.