DEX Activity Defies Market Trends
Despite what seems like a broader crypto market slowdown in early 2026, something interesting is happening with decentralized exchanges. The data from Dune Analytics shows trading activity on DEXs has actually reached new highs this January. I think this is noteworthy because it surpasses even the January 2022 levels, which was a peak period for DeFi activity.
We’re looking at over $278 billion in trading volume across major blockchains like Ethereum, Solana, BNB Chain, and Base. That makes this the busiest January in at least five years, which is surprising given the overall market conditions. It’s almost counterintuitive—when you’d expect everything to slow down, DEXs are accelerating.
Centralized vs. Decentralized Divergence
What’s particularly striking is the contrast with centralized exchanges. While total exchange volume hit a 15-month low in December, decentralized platforms actually gained market share. They now account for close to 20% of all trading activity. That’s a significant shift, and it suggests something fundamental might be changing in how people approach crypto trading.
Perhaps traders are becoming more comfortable with self-custody. Or maybe they’re seeking more transparency in their transactions. Either way, the trend is clear: when centralized platforms see declines, decentralized ones are capturing more of the market.
Network Distribution and Base’s Surge
This growth isn’t concentrated in just one place. Ethereum and its layer-2 networks still handle a substantial portion of DEX trading, but newer platforms are making serious inroads. Base, in particular, has seen its weekly activity skyrocket. There have been moments when Base’s trading volume actually exceeded the combined volume of Ethereum and BNB Chain.
Just in the last few days, Base’s daily volume jumped to $3.39 billion, well above its typical $2.5 billion daily average. That’s not a small fluctuation—it suggests real, sustained interest in alternative trading venues.
What This Tells Us About Market Evolution
I think this data points to several important developments. First, self-custody appears to be gaining traction. Even during market downturns, traders seem to prefer maintaining control of their assets rather than leaving them on exchanges.
Second, DEX trading is becoming normalized. It’s no longer just for experts or specific token swaps. More users are treating decentralized exchanges as their primary trading venues, which represents a maturation of the DeFi space.
Finally, liquidity is genuinely spreading across multiple networks. Ethereum isn’t the only game in town anymore. Networks like Base, Solana, and BNB Chain are pulling in significant trading activity, creating a more distributed and resilient ecosystem.
This shift toward decentralized trading during market uncertainty might indicate changing user preferences. People seem to value transparency and control more than ever, even if it means navigating slightly more complex interfaces. The numbers suggest this isn’t a temporary trend but part of a broader evolution in how crypto markets function.
