Despite the overall market decline in early 2026, trading activity on decentralized exchanges (DEXs) has set a new record this month. Dune data from mid-January show that DEX activity on multiple networks has already surpassed levels seen in January 2022, which was a big boom time for DeFi.
Trading on decentralized exchanges topped $278 billion in January, making it the busiest January in at least five years on major blockchains like Ethereum, Solana, BNB Chain, and Base.
Even as overall trading on notable centralized exchanges fell off at the end of 2025, trading directly on blockchains went against the trend. Total exchange volume hit its lowest point in 15 months in December, but decentralized platforms actually captured a larger piece of the pie, making up close to one-fifth of all trading.
This growth isn’t confined to a single network. Ethereum and its associated scaling networks still provide a huge share of DEX trading as key marketplaces. At the same time, newer platforms like Base have seen their weekly activity skyrocket, occasionally topping the combined trading volume of both Ethereum and BNB Chain.
In fact, Base saw a sharp increase in trading activity recently, and it remains one of the busiest networks built on Ethereum. In the last few days, daily volume on Base jumped to $3.39 billion, well above its usual level of around $2.5 billion per day.
What This Means for Crypto Markets
It seems that self-custody is catching on. While the overall market is slow, record DEX volumes show that more and more traders prefer the control and transparency of trading directly on a blockchain, holding their own assets.
Additionally, for active crypto users, swapping tokens on a decentralized exchange is no longer just for experts or specific coins, as it’s becoming a regular way to trade.
Also, liquidity is spreading out, since networks like Base, Solana, and BNB Chain are pulling in a lot of trading activity. This means Ethereum is no longer the only major hub, with liquidity and users increasing across many different blockchains.
Related: CoinStats Expands Perpetual DEX Tracking with Aster, Hyperliquid, and Lighter Integrations
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