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

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

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by Alexandra Smirnova

2 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.

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