Decentralized Exchange Trading Volume Reaches Record Level in October! Here’s Why

Trading volume on decentralized exchanges (DEXs) rose to an all-time high of $613.3 billion in October, surpassing the nearly $500 billion volume reached in September. This increase was primarily driven by investor restructuring of positions, according to DefiLlama data.

DEX Trading Volume Reaches Record Level in October

Uniswap reached the highest volume in October with $170.9 billion, while in September this figure was $106.5 billion. PancakeSwap came in second with $101.9 billion in trading volume.

“Investors are turning to on-chain platforms not only for their custody control and transparency, but also for liquidity mining and airdrop opportunities,” said Vincent Liu, CIO of Kronos Research.

During the same period, the volume of centralized exchanges (CEX) also increased, reaching $2.17 trillion, the highest level since January 2025. Binance maintained its lead with $810.4 billion, followed by Gate, Bybit, and Bitget, respectively, according to The Block data.

The DEX/CEX ratio also rose to 19.84%, indicating growing investor interest in decentralized platforms. Presto Research’s Min Jung noted that the sharp market decline on October 10th created high volatility, triggering trading volumes.

Experts predict that BNB Chain memecoins, privacy-focused tokens, and ETF-enabled transaction flows played a role in this rise, and that market activity may continue in November.

*This is not investment advice.

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