Trading volumes on decentralized exchanges (DEX) have slumped for six consecutive months to their lowest levels since January 2021.
Volume on DEXs decreased to $44.28 billion in September, the sixth consecutive monthly decrease and the lowest recorded volume since January 2021, according to DefiLlama data.
Decentralized Exchanges Volume (Source: DeFillama)
During the first quarter of this year, DEXs experienced a surge in monthly trading activity. This growth was precipitated by increased regulatory scrutiny directed at their centralized counterparts, including major platforms like Kraken, Bittrex, Coinbase, and Binance.
As a result of these regulatory measures, crypto traders migrated their activities towards DEX protocols. In March, trading volume on these decentralized platforms reached an impressive $140 billion. However, this spike was short-lived, with volumes plummeting to around $82 billion in April.
Subsequently, trading activities on these DEXs have been on a consistent decli
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