According to The Block Research, decentralized exchange (DEX) transaction volume reached $300 billion in November, surpassing the previous cycle high of $260 billion set in May 2021. Uniswap maintained its market lead with 40% of total trading volume in November, while Raydium emerged as a strong competitor with an 18% market share. According to The Block Research, Raydium's significant contribution was in part due to memecoin trading activity and pump.fun projects. The DEX to CEX (Centralized Exchange) ratio continues to trend upward, reaching 11% in November, up from 9.3% in early 2024 and 0.04% in early 2020.