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Decentralized Exchange Volumes Hit Record Above $50B in January
Uniswap represented over 45% of total DEX volume.
By Zack Voell
Updated Mar 6, 2023, 3:00 p.m. Published Feb 1, 2021, 4:35 p.m.
January trading volume on decentralized exchanges soared to set an all-time high above $50 billion, eclipsing the previous record of $26 billion from September 2020 by a wide margin, according to data from Dune Analytics.
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- Aggregate volumes reached $55.8 billion last month, up from $23.5 billion in December 2020.
- Volume on this new class of trading platform continue to grow "as traders increasingly prefer transacting in a crypto-native environment," according to Jack Purdy, decentralized finance analyst at Messari. "This will likely continue as they become more liquid and the user experience improves to rival their centralized counterparts," he told CoinDesk.
- Uniswap represented over 45% of total volume in this category of exchanges, with $25.9 billion traded in January, per data from Dune.
- Noted Uniswap rival Sushiswap claimed nearly 22% of total volume, with $12.2 billion last month.
- Two trading platforms – Gnosis and DDEX – saw negative growth in January, however, with both exchanges showing volumes double-digit percentages lower than the previous month.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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