Crypto analytics firm Kaiko has announced that there has been an increase in trading activity on decentralized exchanges (DEX) over the past month. The monthly turnover of DEX has significantly increased from its November low of $29 billion.

The historical trading volume peak on DEX was reached in May 2021, surpassing $124 billion. However, the November turnover on DEX remains far behind this record. Interestingly, the slowdown in activity from major participants such as Uniswap, Curve on Ethereum, and PancakeSwap on BNB Chain had an impact on trading volumes in November.

The Kaiko report also notes that this year, the share of decentralized exchanges has significantly decreased compared to centralized exchanges. In November 2020, the cryptocurrency industry reached a record level with DEX market share accounting for 10% of the CEX volume when interest in DeFi was at its peak.

According to the analytical report, the DEX market share has decreased from 5% in January to 3% in November. To illustrate the comparison of CEX/DEX market shares, analysts analyzed the trading volumes of the largest DEX, Uniswap, and the leading CEX, Coinbase. Despite the decrease in Uniswap's market share compared to Coinbase, it still remains significant at 40%.

Historically, trading volumes on centralized exchanges (CEX) such as Binance and Coinbase have always exceeded trading activity on DEX. However, the recent decrease in Binance's spot market share, which fell from 55% in early 2023 to 30% by December, amid regulatory issues and the departure of Changpeng Zhao as CEO, may have partially contributed to the recovery of trading activity on DEX.

According to CoinGecko data, Uniswap is the largest DEX, dominating the market with a share of 64.4%. It is followed by Curve and PancakeSwap with market shares of 11.5% and 9.5%, respectively.