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

Speed Star — Web3 Horse Racing, Virtual Horses, JOC, SPEED, and STAR

chest

Explore Speed Star: Web3 horse racing, virtual horses and ranches, gaming professions, JOC, SPEED and STAR tokens, blockchain mechanics, and key risks.

user avatarElena Ryabokon

Re Protocol — Tokenized Reinsurance, Yield, and RWA Infrastructure

chest

Explore Re Protocol: how RWA insurance works on-chain, reUSD and reUSDe structure, reinsurance yield, liquidity, infrastructure, and key risks.

user avatarElena Ryabokon

Credbull — Tokenized Private Credit, Yield, and RWA Infrastructure

chest

Explore Credbull Finance: how private credit RWA works, yield generation, Centrifuge and Plume integrations, on-chain infrastructure, and key risks.

user avatarElena Ryabokon

Agora AUSD — Collateral, Regulation, and Institutional Digital Dollar Use Cases

chest

Explore Agora AUSD: institutional stablecoin structure, reserves, collateral, VanEck and State Street roles, regulation, use cases, infrastructure, and key risks.

user avatarElena Ryabokon

USYC by Hashnote — Yield, USDC, RWA, and Institutional Liquidity

chest

Explore Hashnote USYC: tokenized fund structure, yield generation, the role of USDC and Circle, institutional use cases, liquidity, and key risks.

user avatarElena Ryabokon

Pixels Countryside — Farming, NFT Land, PIXEL Token, and Ronin Ecosystem

chest

Explore Pixels: Countryside Update — farming, resources, NFT Land, PIXEL token, game economy, Web3 mechanics, Ronin integration, and key project risks.

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.