Despite the overall market decline in early 2026, trading activity on decentralized exchanges (DEXs) set a new record this month. Dune data from mid-January shows that DEX activity on multiple networks has already exceeded levels seen in January 2022, during DeFi’s big boom.
Transactions on decentralized exchanges exceeded $278 billion in January, including Ethereum, Solana, BNB chain and base.
Despite a notable decline in overall trading on centralized exchanges at the end of 2025, direct trading on blockchain bucked the trend. While total trading volume hit a 15-month low in December, decentralized platforms actually captured a bigger piece of the pie, accounting for nearly a fifth of all trades.
This growth is not limited to a single network. Ethereum and its associated scaling network remain the primary market providing a large share of DEX trading. At the same time, new platforms like Base are experiencing a surge in weekly activity, sometimes exceeding the combined trading volume of Ethereum and Ethereum. BNB chain.
In fact, Base has seen a sharp increase in trading activity recently and remains one of the busiest networks built on Ethereum. Over the past few days, Base’s daily trading volume has soared to $3.39 billion, well above its usual daily trading volume of about $2.5 billion.
What this means for the crypto market
It appears that self-regulation is gaining ground. While the overall market is depressed, record DEX trading volumes show that more and more traders prefer the control and transparency of trading directly on the blockchain while holding their own assets.
Moreover, for active cryptocurrency users, exchanging tokens on decentralized exchanges is no longer the preserve of experts or specific coins, but is becoming a regular method of trading.
Also, Base, Solana, BNB The chain draws in a lot of trading activity. This means that Ethereum is no longer the only major hub, with increasing liquidity and users across many different blockchains.
Related: Extend perpetual DEX tracking with CoinStats, Aster, Hyperliquid, and Lighter integrations
Disclaimer: The information contained in this article is for informational and educational purposes only. This article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the use of the content, products, or services mentioned. We encourage our readers to do their due diligence before taking any action related to our company.
