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DEX trading hits $564.56B in January 2025, led by Solana

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January 2025 saw DEX trading hit $564.56B, led by Solana, marking the third month of growth: $195B in Oct, $374.69B in Nov, $438.09B in Dec.

The decentralized exchange (DEX) market reached a new high in January 2025, with a total trading volume of approximately $564.56 billion. This marks the third consecutive month of record-breaking growth.

In October, November, and December 2024, the figures were $195 billion, $374.69 billion, and $438.09 billion, respectively, indicating a progressive monthly increase.

DEXes are online platforms that enable users to trade cryptocurrencies directly with one another, without the need for a central authority like a bank or a traditional exchange.

Unlike centralized exchanges (CEXes) such as Binance or Coinbase, DEXes do not hold users’ funds. Instead, traders retain control of their assets and use their own wallets to conduct transactions.

DEXes are becoming increasingly popular for several reasons. They offer enhanced security, control, and greater privacy. Users are not required to complete Know Your Customer (KYC) procedures, allowing them to trade without disclosing personal information.

DEXes offer access to a wider range of cryptocurrencies. Many tokens are initially launched on DEXes before being listed on major CEXes, allowing traders to invest early in new projects. They also often come with lower fees. 

DEXes on Solana led the market 

Data from DeFiLlama revealed that Solana-based DEXs dominated the market in January, contributing $258.52 billion in trading volume—45.83% of the total. This strong performance highlights Solana’s growing influence in the DeFi space, driven by its fast transactions and low fees.

A possible narrative leading to this scenario is the continuation of the memecoin craze from 2024. Political memecoins gained particular prominence as Trump took office as the 47th President of the United States. In the days leading up to his inauguration, the $TRUMP token was launched through his X account.

Other political-themed memecoins also emerged, including $MELANIA, $DOGE, and $MAGA. In 2024, Solana-based memecoins generated $3 billion in fees.

Ethereum DEXs followed with $86.08 billion in trading volume, while Binance Smart Chain (BSC) recorded $80.27 billion. Base, Coinbase’s Layer 2 network, also saw significant activity with $52.80 billion. Arbitrum and Sui added $26.83 billion and $12.43 billion, respectively. This reflects steady growth in Layer 2 and alternative blockchain networks.

Hyperliquid, Avalanche, Polygon, and Thorchain had smaller but notable contributions, ranging from $4.59 billion to $6.56 billion. Other blockchain networks collectively accounted for $24.94 billion as DEX activities are expanding beyond the most popular chains.

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