According to The Block Research data, the trading volume of decentralized exchanges (DEXs) reached $300 billion in November, exceeding the previous cycle high of $260 billion set in May 2021.
Uniswap maintained its market-leading position with 40% of the total trading volume, while Raydium emerged as a strong competitor, accounting for 18% of the market share.
According to The Block Research, Raydium's significant contribution was partly due to MEME coin trading activity and the pump.fun project. The ratio of DEX to CEX (centralized exchange) continued to rise, reaching 11% in November, higher than the 9.3% in early 2024 and 0.04% in early 2020.