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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.
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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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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Coreweave stock gains 9% on fresh $2 billion Nvidia investment
Already an investor in CoreWeave, Nvidia last September had agreed to purchase $6.3 billion of computing services from the AI infrastructure provider.
What to know:
- CoreWeave shares jumped about 9% in pre-market trading after Nvidia invested another $2 billion in the AI-focused cloud company.
- The new funding is intended to help CoreWeave expand to more than 5 gigawatts of AI-dedicated data centers by the end of the decade.
- The deal deepens a yearslong collaboration in which Nvidia and CoreWeave will align on hardware, software and data center strategy, and test CoreWeave’s Mission Control resource-scheduling platform for potential integration into Nvidia’s ecosystem.
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