DEX Trading Volumes Hit Record $462 Billion in December Amid Memecoin Market Correction
December marked a record-breaking month for decentralized exchanges (DEXs), with trading volumes reaching an all-time high of $462 billion, according to data from decentralized finance platform DefiLlama.
This surge continued the momentum built in November, which had seen impressive volumes of $374 billion.
In contrast to last month’s performance, the growth in DEX trading was largely influenced by expectations surrounding a more favorable regulatory landscape in the United States, particularly after the outcome of the US presidential election. Among the top performers, Uniswap maintained its lead, securing $106.4 billion in trading volume, while PancakeSwap followed closely with $96.4 billion. Raydium, the leading DEX on Solana, claimed third place with $58 billion in monthly volume.
Solana’s decentralized applications (DApps), particularly those tied to the memecoin sector, also contributed significantly to this trend. In November, Solana-based DApps brought in $365 million in revenue, a notable uptick driven by memecoins launched through the Pump.fun platform.
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Other DEXs such as Aerodrome, Orca, Lifinity, Curve Finance, and Hyperliquid collectively accounted for another $43.6 billion in trading activity.
While DeFi volumes soared, the memecoin market faced a significant decline. Starting December with a market cap of $137 billion, the memecoin sector saw a sharp drop, losing $45 billion by December 23, and stabilizing at $95 billion, marking a 20% decline from the start of the month. The early December surge was fueled by heightened attention from US trading platforms and a peak in the popularity of memecoins like Pepe.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
