DEX volume exploded to 61.33 billion USD in October! Uniswap ranks first, outperforming PancakeSwap.

The trading volume of Decentralized Exchanges (DEX) surged to $613.3 billion in October, up from nearly $500 billion in September, indicating a significant rise in volume as traders adjusted their holdings. According to DefiLlama data, Uniswap topped the DEX trading volume in October, reaching $170.9 billion, up from $106.5 billion in September.

October 10th crash triggers a $613.3 billion asset exchange wave

DefiLlama data shows that in October, the DEX trading volume of decentralized exchanges surged to a record $613.3 billion, up from about $500 billion in September. This 22% monthly rise is extremely rare in mature markets, indicating a dramatic spike in trading activity. Last month, the cryptocurrency market experienced a downturn, with Bitcoin dropping to a low of around $104,600 on October 17.

Min Jung, a researcher at Presto Research, stated: “A key reason for the surge in DEX and CEX volume is the market crash on October 10, which caused severe market volatility and led investors to readjust their holdings, triggering a large number of trades. If new volatility factors arise in the coming weeks, such as US-China trade news or macroeconomic data, trading may remain active.”

On October 10th, the price of Bitcoin fell from approximately $121,500 to $110,000, and then further dropped to a low of about $104,600 on October 17th. This decline of around 14% triggered panic selling and large-scale position adjustments in a short period of time. Many investors chose to trade on DEX because DEX offers the advantages of self-custody and instant transactions, avoiding withdrawal limits or technical failures that may occur on CEX.

The surge in volume from DEX indicates that market volatility has a direct driving effect on trading activity. A steadily rising bull market often leads to subdued trading volume, as investors tend to hold their positions for the long term. In contrast, a highly volatile market stimulates trading demand, as investors need to frequently adjust their holdings to respond to price changes.

Three Major Catalysts for the Explosive Rise in DEX Volume in October

Market Crash: From October 10 to 17, Bitcoin dropped from 121,500 to 104,600 (14% decline)

Position Adjustment: Investors reallocate assets, shifting from risk assets to stablecoins or performing the opposite operation.

CEX Trust Crisis: Some users are turning to DEX for self-custody and trading transparency.

Vincent Liu, the Chief Information Officer of Kronos Research, stated: “Traders flocking to on-chain is not only for self-custody and transparency but also for liquidity mining and airdrops, thereby maximizing participation.” This observation reveals the multiple motivations behind the rise in DEX trading volume, which includes not only trading demand but also the pursuit of additional yields.

Uniswap leads with a volume of 170.9 billion, PancakeSwap surpasses 100 billion

The trading volume of decentralized exchanges (DEX) skyrocketed to $613.3 billion in October, up from nearly $500 billion in September, indicating a significant rise in volume as traders readjusted their holdings. According to DefiLlama data, Uniswap topped the DEX trading volume in October, reaching $170.9 billion, up from $106.5 billion in September.

According to data from DefiLlama, Uniswap's DEX trading volume in October ranked first among decentralized exchanges, reaching $170.9 billion, up from $106.5 billion in September. This 60% monthly rise further solidifies Uniswap's position as the leader in DEX. Uniswap's advantages lie in its deep liquidity pools, extensive token support, and mature AMM (Automated Market Maker) mechanism.

PancakeSwap ranks second, with a volume of $101.9 billion, up from $79.8 billion last month. PancakeSwap has broken the $100 billion monthly trading volume threshold for the first time, marking an important milestone in its development history. As the leading DEX on the BNB Chain, PancakeSwap benefits from the explosion of meme coins on the BNB Chain and increased ecosystem activity.

The two major DEXs account for about 44% of the total trading volume in October (272.8 billion / 613.3 billion), indicating a significant concentration effect in the DEX market. However, the total trading volume of other DEXs also exceeds 340 billion USD, showing that the market is competitive and diversified. This competition drives various DEXs to continuously innovate, introducing lower fees, better user experiences, and more incentives.

From the perspective of blockchain distribution, Ethereum remains the chain with the largest DEX trading volume, but the share of chains like BNB Chain, Solana, and Arbitrum is rising. This multi-chain pattern reflects users' demand for different performance and costs, and also drives the development of cross-chain bridging and aggregators.

CEX volume 2.17 trillion hits a new high for the year, DEX accounts for 20%

(Source: The Block)

At the same time, the volume of Centralized Exchange reached a new high in October, hitting 2.17 trillion USD, the highest level since January 2025. Data from The Block's dashboard shows that the volume in October grew by about 28% compared to September's 1.69 trillion USD. This rise in trading volume in sync with DEX indicates an overall increase in trading activity across the crypto market.

Gate ranked second last month, with a volume of $175.6 billion. The top four exchanges account for about 62% of the total volume of CEX, indicating that the centralized exchange market also shows a concentration effect among the leaders.

According to data from The Block, the trading volume ratio of DEX in October has risen to 19.84% compared to CEX, up from 18.83% last month, indicating a growing interest in decentralized platforms. The continuous increase in this ratio is an important trend. Although CEX still dominates the market (about 80%), the share of DEX is steadily increasing. This trend reflects the growing demand from users for self-custody, transparency, and resistance to censorship.

October DEX vs CEX volume comparison

DEX Volume: $613.3 billion (19.84%)

CEX Total Volume: $2.17 trillion (accounting for 80.16%)

DEX rise: Monthly increase of 22% (approximately 500 billion in September → 613.3 billion in October)

CEX growth: Monthly increase of 28% (September 1.69 trillion → October 2.17 trillion)

Increase in Share: DEX share rose from 18.83% to 19.84% (an increase of 1.01 percentage points)

Although the increase in this proportion seems mild, considering the absolute scale advantage and network effects of CEX, it is already a significant achievement for DEX to continuously erode market share. If this trend continues, DEX could occupy 30-40% of the market share in the coming years.

Meme Coins, Airdrops, and Liquidity Mining: Three Major Drivers

Liu from Kronos Research told The Block that the surge in DEX volume in October was mainly driven by traders pursuing new narratives (such as BNB Chain meme coins, privacy coins, and ETF-driven capital flows). Liu stated, “As momentum reappears, trading activity in November may remain hot as capital seeks the next wave of investment opportunities.”

The explosion of meme coins on the BNB Chain is the main reason for the surge in PancakeSwap's volume. Meme coins are highly volatile and speculative, attracting a large number of short-term traders. These traders engage in high-frequency trading on the DEX, driving the volume to a significant increase. The revival of privacy coins reflects some users' emphasis on privacy protection, with the trading volume of privacy coins like Zcash significantly increasing after receiving endorsements from KOLs in October.

ETF-driven capital flows mainly impact Bitcoin and Ethereum, but also indirectly boost DEX volume. When institutions buy Bitcoin through ETFs, some retail investors choose to purchase altcoins on DEX to seek higher returns. This indirect spillover effect of capital injects vitality into the DEX ecosystem.

Liquidity mining and airdrops are another important driver of DEX trading volume rise. Many DeFi protocols incentivize users to provide liquidity through liquidity mining, allowing users to earn not only a share of transaction fees but also rewards in the form of protocol tokens. Airdrop hunters accumulate airdrop points by trading on different DEXs, and this behavior directly boosts the volume.

If new volatility factors emerge in the coming weeks, such as US-China trade news or macroeconomic data, DEX volume may continue to be active. The market outlook for November is optimistic, as capital is looking for the next wave of investment opportunities, and the diversified token options and innovative DeFi products offered by DEX make it the preferred platform for traders seeking high returns.