Decentralized exchanges (DEXs) reached new heights in December, with monthly trading volume soaring to a record $462 billion, according to data from DeFi analytics platform DefiLlama. This milestone continues the momentum from November, which saw a volume of $374 billion.
Uniswap Leads the Way
Uniswap remained the largest DEX by trading volume, recording $106.4 billion over the last 30 days. PancakeSwap secured the second spot with $96.4 billion in monthly volume, while Solana’s Raydium came in third with $58 billion.
Raydium’s success aligns with a revenue boost in Solana-based decentralized applications (DApps) during November. Syndica, a research platform, reported that Solana DApps generated $365 million in revenue that month, driven largely by memecoins created on the Solana memecoin launchpad, Pump.fun.
Monthly decentralized exchange volume. Source: DefiLlama
Other notable performers included Aerodrome, with a monthly volume of $31 billion, and Orca, which recorded $22 billion. Combined, Lifinity, Curve Finance, and Hyperliquid contributed an additional $43.6 billion to the December totals.
Memecoins Face Market Cap Decline
While DeFi trading volumes hit record levels, the memecoin market experienced a sharp correction in December. CoinMarketCap data reveals that the overall memecoin market cap peaked at $137 billion on December 9 before plummeting to $92 billion by December 23. By the end of the month, the total market cap for memecoins had partially recovered to $95 billion, representing a 20% decline from December 1.
Top decentralized exchanges by monthly trading volume. Source: DefiLlama
The early surge in memecoin interest was likely fuelled by US-based trading platforms listing new memecoins, alongside Pepe (PEPE) reaching an all-time high.
A Strong End to 2024 for DEXs
The record-breaking December figures mark a significant moment for the decentralized finance (DeFi) sector. Analysts attribute the rising DEX volumes in part to increasing regulatory clarity in the United States, following Donald Trump’s presidential election victory in November.
With Uniswap, PancakeSwap, and Solana’s Raydium dominating the scene, decentralized exchanges are closing 2024 on a high note, despite challenges in the broader cryptocurrency market.
