According to data from DefiLlama, decentralized exchanges (DEXs) experienced a remarkable surge in December, achieving an all-time high monthly trading volume of $463 billion.
This milestone reflects continued growth in DeFi, which has maintained consistent momentum throughout the last quarter of the year.
DefiLlama reports that trading volumes steadily climbed during Q4, starting with $194.74 billion in October and $374 billion in November before hitting December’s record-breaking figure.
Solana emerged as the leading blockchain for DEX trading activity, handling $115 billion in transactions. Binance Smart Chain (BSC) followed closely with $98 billion, marking its highest monthly volume.
Ethereum-based DEXs processed $88.47 billion, while the Coinbase-backed Base network recorded $52 billion in trades.
Meanwhile, Arbitrum, an Ethereum layer-2 network, facilitated $33.8 billion in trading volume, further solidifying its position as a significant player in the DeFi ecosystem.
Among individual platforms, Uniswap retained its position as the leading DEX, recording $106.4 billion in trading volume over the past month.
PancakeSwap ranked second with $96.4 billion in activity, while Raydium—Solana’s most prominent decentralized exchange—secured third place with $58 billion in transactions.
The top five are completed with Aerodrome and Orca, which processed $31.03 billion and $22.8 billion in trades, respectively.
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