Decentralized crypto exchange volumes nearly double in November amid FTX debacle

Quick Take

  • DEX volumes came in at $65 billion in November, a month-over-month increase of 93%.
  • Cryptocurrency spot trading volumes on CEXs rose by 24% in November, according to The Block Research. 

Cryptocurrency exchange volumes jumped in November from the previous month as the collapse of FTX roiled markets, with decentralized platforms seeing an increase of 93%.

Centralized (CEX) exchange volumes, which include platforms like Binance and Coinbase, rose by 24% to $673 billion, up from $543 billion in October, according to The Block's data. Decentralized (DEX) exchanges, excluding layer 2's, saw a substantially bigger increase, with volume doubling to $65 billion from $34 billion.


The Block Research's Lars Hoffman attributed the increases to the "collapse of FTX and subsequent de-risking from CEX's to on-chain." Crypto holders are likely losing faith in centralized exchanges and moving to decentralized exchanges where they self-custody their keys.


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Curve, an exchange liquidity pool on Ethereum, saw an increase of 371% in volume during the month.

November marked a recovery for crypto exchange volumes, which reached an almost two-year low in October. 

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam Morgan is a reporter covering cryptocurrency, financial markets, and economics – anything from price movements, earnings reports, and inflation to the U.S. Federal Reserve interest rate decisions and everything in between. Adam is based in London.


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