Decentralized exchange market in November 2023: growth, trends and prospects

Decentralized exchange market in November 2023: growth, trends and prospects

user avatar

by Alexandra Smirnova

3 years ago

Decentralized exchanges (DEX) continue to grow despite the volatility of the cryptocurrency market. In November 2023, the trading volume on DEX was $41.4 billion, which is 2.5% more than in October 2023.

Trading Volume

  • The total trading volume on decentralized exchanges (DEX) in November 2023 amounted to  $41.4 billion.
  • Of this, 60.3% was on Ethereum, 19.6% on Binance Smart Chain, 10.1% on Avalanche, 8.2% on Polygon, and 1.8% on Terra.
  • Compared to October 2023, the trading volume on DEX increased by  2.5%.

Decentralized exchange market in November 2023: growth, trends, and prospects - news

Number of Traders

  • The total number of traders who made transactions on DEX in November 2023 was  40.9 million.
  • Of these, 66.6% were on Ethereum, 14.8% on Binance Smart Chain, 10.6% on Avalanche, 7.2% on Polygon, and 0.8% on Terra.
  • Compared to October 2023, the number of traders on DEX increased by  1.9%.

Ethereum Market Share

  • Ethereum's market share in the total trading volume on DEX in November 2023 was  60.3%.
  • This is  0.1% more than in October 2023.

Top 10 DEX by Trading Volume

  • The top 10 DEX by trading volume in November 2023 included the following exchanges:
Rank Exchange Trading Volume, $ billion 1 Uniswap 16.3 2 Curve Finance 5.7 3 SushiSwap 3.8 4 Balancer 2.4 5 Kyber Network 1.9 6 Binance DEX 1.7 7 PancakeSwap 1.6 8 Raydium 1.5

Conclusions

In November 2023, decentralized exchanges continued their growth despite the overall decline in trading volume in the cryptocurrency market. The trading volume on DEX in November increased by 2.5%, and the number of traders increased by 1.9%.

Ethereum made a significant contribution to the growth of DEX, accounting for 60.3% of the total trading volume. The top 10 DEX by trading volume also included exchanges based on Binance Smart Chain, Avalanche, Polygon, and Terra.

In the future, decentralized exchanges are likely to continue to grow as more users seek alternatives to centralized exchanges.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other articles

Domi Online MMO — Web3 Economy, Classes, PvP and DOMI Token Explained

chest

Explore Domi Online, a blockchain MMORPG with a fantasy world, classes, PvE and PvP, NFTs, DOMI token, staking, player-driven economy and Web3 mechanics.

user avatarElena Ryabokon

Qivalis Explained — How Europe’s Bank-Backed Euro Stablecoin Works

chest

Explore Qivalis, the euro stablecoin project backed by European banks, including ING and UniCredit, its 1:1 reserve model, MiCA regulation, DNB oversight and use cases.

user avatarElena Ryabokon

USD0++ by Usual Protocol — How bUSD0, Redemption and DeFi Yield Work

chest

Explore Usual Protocol USD0++ and bUSD0, including RWA backing, USUAL rewards, redemption mechanics, rt-bUSD0, yield model and DeFi integrations.

user avatarElena Ryabokon

Improbable Games Hub and Somnia UGC — Blockchain Games and Virtual World Infrastructure

chest

A detailed overview of Improbable Games Hub and Somnia UGC, covering Web3 gaming, on-chain worlds, user-generated content, MSquared, NFTs and Somnia blockchain infrastructure.

user avatarElena Ryabokon

Ethena sUSDe Explained: USDe Yield, Delta Hedging and DeFi Mechanics

chest

Explore Ethena sUSDe, how USDe staking generates yield, the role of delta hedging and funding rates, Reserve Fund mechanics, and the key risks of the protocol.

user avatarElena Ryabokon

SpherePay Explained: USDC, USDT and Blockchain Infrastructure for Global B2B Payments

chest

Explore SpherePay by Sphere Labs: B2B stablecoin payments, USDC and USDT settlements, cross-border transfers, APIs, on/off-ramps, Solana and SphereNet.

user avatarElena Ryabokon

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.