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DEX activities on multiple networks have already exceeded the high levels seen in Jan 2022.
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Trading reached $278 billion in January, making it the busiest month for at least five years.
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Base’s daily volume jumped to $3.39 Billion, a jump of over $2.5 Billion from its usual daily level.
Trading activity on DEXs has reached a new high this month, despite the overall market decline that began in early 2026. Dune data from the middle of January shows that DEX activity across multiple networks has already exceeded levels seen in Jan 2022, when DeFi was experiencing a boom.
The trading volume on decentralized exchanges reached $278 billion in the month of January, making it one of the busiest months in at least five year on major blockchains such as Ethereum, Solana Chain, BNB Chain and Base.
Trading directly on blockchains was against the trend, even though overall trading on centralized exchanges declined at the end 2025. The total exchange volume in December was the lowest in 15 months, but decentralized platforms captured a greater share of the pie. They accounted for close to one fifth of all trading.
This growth isn’t limited to one network. Ethereum and its scaling networks are still the key marketplaces for DEX trading. Newer platforms, like Base, have seen their weekly trading volume soar, sometimes topping both Ethereum and BNB Chain combined.
Base has seen a recent increase in trading activity and remains one of the most active networks built on Ethereum. In the last few weeks, Base’s daily volume has jumped to $3.39 Billion, which is well above its normal level of $2.5 Billion per day.
What this Means for Cryptomarkets
Self-custody seems to be gaining in popularity. Although the overall market is slowing down, record DEX volume shows that more and more traders are choosing the control and transparency provided by trading directly on a Blockchain, while holding their own assets.
For crypto users who are active, trading tokens on decentralized exchanges is not just for experts, or for specific coins. It’s a way of trading that has become a standard.
Also, liquidity is spreading, as networks like Base, Solana and BNB Chain attract a lot of trade activity. Ethereum is no longer a major hub. Users and liquidity are increasing on many other blockchains.
Related:CoinStats Expands Permanent DEX Tracking With Aster, Hyperliquid and Lighter Integration
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