Traders Rush to Decentralized Exchanges Amid Centralized Platform Disruptions and Concerns Over Asset Security
- DEX trading volume hit $613.3B in October, a 22.7% surge led by Uniswap ($170.9B) and PancakeSwap ($101.9B). - Market volatility and CEX outages (e.g., dYdX’s $462K compensation plan) drove traders to DEXs for self-custody and yield strategies. - Stablecoin transactions ($2.82T) and new DEX projects like Terminal Finance ($280M pre-launch liquidity) highlight decentralized finance’s growth. - Binance retained CEX dominance with $810.4B volume, but DEXs now account for 19.84% of total exchange activity. -
Data from DefiLlama and
This spike in DEX activity happened alongside a broader downturn in the market, including Bitcoin’s sharp fall to $104,600 on October 17. Many traders moved to DEXs for liquidity mining, yield opportunities, and self-custody options, especially amid worries about centralized exchange (CEX) failures. For example,
Ethereum’s stablecoin sector also experienced rapid expansion, with transaction volume hitting $2.82 trillion in October—a 45% increase over September.
New DEX initiatives are taking advantage of this momentum. Terminal Finance, a yield-oriented DEX developed by
The increase in the DEX-to-CEX trading volume ratio to 19.84% signals rising confidence in decentralized platforms, especially as on-chain activity slows. In October, Ethereum’s daily active addresses dropped by 24% to 363,000, and its MVRV ratio fell to 1.50, suggesting a cooling market. Analysts told Yahoo Finance that renewed volatility from global events or geopolitical issues could further drive DEX usage.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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