Monthly volume on decentralized exchanges fell for the first time since April, dropping 25% after three consecutive months of doubling aggregate volume through Q3, according to Dune Analytics.
Aggregate trading volume on decentralized exchanges fell to $19.4 billion in October, down from $25.8 billion in September amid a respite for speculative interest in decentralized finance (DeFi) applications and assets. Even highly anticipated new entrants like SushiSwap and Serum reported over 60% declines in volume last month.
The sector’s continued cooling is demonstrated by DeFi index futures trading on FTX, which have dropped 29% so far in Q4, currently trading at $1,556.
October’s drop in aggregate volume would have been larger if not for an anomalous record-setting day of trading on Oct. 26. Uniswap and Curve each reported over $2 billion in trading volume that day, an all-time…
