Bhumika Baghel
04-11-2025
October saw a historic surge in the crypto market, as DEX trading volume set an all-time high of $613.3 billion, according to DeFi Llama. This has been considered a major milestone for decentralized finance as trading activity surged after Bitcoin's sharp market correction.
Source: DeFiLlama
Analysts at Presto Research and Kronos Research link the boom to marketplace volatility, growing meme-coin narratives on BNB Chain, and traders seeking self-custody amid regulatory uncertainty.
The October boom in DEX trading activity was largely driven by two biggest trading platforms – Uniswap and PancakeSwap, which continue to dominate the decentralized-landscape.
According to data, Uniswap processed an astonishing $170.9 billion in October, up from $106.5 billion in September. Its multi-chain reach across Ethereum, Arbitrum, and Base helped it to get placed in the top 10 decentralized exchanges.
Meanwhile, PancakeSwap ranked second with a $101.9 billion trading cap, which was testament to the solid ecosystem laid around the BNB Chain. Low fees, fast transactions, and yield farming make it particularly appealing to retail traders and liquidity providers in Asia.
Among the biggest decentralized exchanges by volume, other notable performers included Curve, which benefited from stablecoin swaps; Balancer; and SushiSwap, leveraging perpetual contract trading. Interestingly, HumidiFi, a rising DeFi protocol, entered the DEX volume ranking charts with over $35 billion in monthly trades, proving that newer entrants are successfully carving market share.
However, centralized exchanges (CEXs) still maintain higher total volume, Binance led with $810 billion, followed by Bybit ($156.9B) and Bitget ($134.7B), but DEXs are catching up fast, showing a clear market-transition toward self-custody and on-chain transparency.
October data showed a clear structural shift: the DEX-to-CEX trading activity ratio climbed to 19.84% from 18.83% in September. Reaching this almost 20% market share threshold sends a strong message, decentralized exchanges are no longer niche players.
This surge is the result of how traders are moving toward distributed platforms for self-custody, more clearance, and to avoid censorship. The restrictions by centralized, regulatory gaps, and freezes during withdrawal all contributed to the migration of users to platforms where they have more authority over their assets.
Along with that, increase in on-chain trading rewards, such as free giveaways, liquidity mining, and perpetual DEX derivatives, also make their efforts. Setting a new benchmark, platforms like Hyperliquid, Aster, and Lighter collectively processed the perpetual contract volume of around $1.3 trillion.
The trend also indicates that DeFi infrastructure is maturing. With more improvements in smart contract security and especially layer-2 scalability, DEXs are likely to further close the performance gap with centralized exchanges. If this trend continues, then analysts expect the DEX-volume ranking to cross 25% market share by early 2026, marking a true era of distributed dominance.
Bhumika Baghel is a rising crypto content writer with a deepening interest in blockchain technology and digital finance. With a keen understanding of market trends and cryptocurrency ecosystems, she breaks down intricate subjects like Bitcoin, altcoins, DeFi, and NFTs into accessible and engaging content. Bhumika blends well-researched insights with a clear, concise writing style that resonates with both newcomers and experienced crypto enthusiasts. Committed to tracking price fluctuations, new project developments, and regulatory shifts, she ensures her readers stay informed in the fast-moving world of crypto. Bhumika is a strong advocate of blockchain’s potential to drive innovation and promote financial inclusion on a global scale.
Bhumika Baghel is a rising crypto content writer with a deepening interest in blockchain technology and digital finance. With a keen understanding of market trends and cryptocurrency ecosystems, she breaks down intricate subjects like Bitcoin, altcoins, DeFi, and NFTs into accessible and engaging content. Bhumika blends well-researched insights with a clear, concise writing style that resonates with both newcomers and experienced crypto enthusiasts. Committed to tracking price fluctuations, new project developments, and regulatory shifts, she ensures her readers stay informed in the fast-moving world of crypto. Bhumika is a strong advocate of blockchain’s potential to drive innovation and promote financial inclusion on a global scale.
