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 Hiding Place 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, hiding places will be stored in your inventory and can be opened with Keys.

Other articles

Choosing Between a Photo, a Diagram, and a Micro Infographic

Choose a visual by the question it needs to answer.

user avatarme1afon

When Text Belongs on an Image

Use a short label when readers need it to connect a claim to its evidence.

user avatarme1afon

Testing Headlines When Your Audience Is Small

Use small headline tests to learn carefully, with comparable exposure, a clear metric and an honest account of uncertainty.

user avatarme1afon

How to Correct a Myth Without Making It the Headline

Make the correction visible, explain the error, and give readers a factual alternative they can use.

user avatarme1afon

Writing a Specific Promise Your Article Can Keep

A practical way to align a headline with the evidence and answers inside the article.

user avatarme1afon

How Much Should a Headline Give Away?

What headline experiments found about specificity, and a practical way to tell readers enough before they click.

user avatarme1afon

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.