Weekly DEX volume across all chains increased 146% from $20B to $49.2B during the first week of November as the FTX collapsed.
Monthly DEX volume also increased 110% from $107B in October to $50.8B in November.
The bankruptcy of FTX and the following contagion has caused a loss of confidence in centralized institutions.
This was reflected in market prices as a basket of DEX tokens vs. BTC has outperformed a basket of CEX tokens vs. BTC since the bankruptcy.
This was also reflected in the sales of non-custodial, hardware wallets as Ledger reported its highest sales day following the bankruptcy announcement while Trezor also reported an “exponential increase.”
However, major events in the crypto market also naturally spur on-chain trading activity due to higher volatility.
During the Terra collapse, weekly DEX volume increased 115% from $29.1B to $62.7B during the first week of May.
Almost 60% of November’s DEX volume occurred on Uniswap, followed by 9% each on Pancakeswap and Curve. Uniswap also surpassed Coinbase in daily volume for the ETH/USD pair on Nov. 14 with $1.1B on Uniswap vs. $600M on Coinbase.
It is required to see this trend will be one of rigid next wave or just one-time phenomenon
One thing is clear that Chinese CEXs try to control whole market into their favorate form and more voices asking reliable decenralization are bursting out from many DAOs of Solana, and Ethereum.
But still DEXs are far away to be rigid and reliable places to satisfy customers in terms of user freindly UI, reliability, stability and governance structure.
Source: Delphi Digital