DEX Volume

About the Metric

DEX Volume refers to the total trading volume that occurs on Decentralised Exchanges (DEXs) over a specified period, typically measured daily or weekly. It represents the dollar value of assets exchanged by users on these platforms without the need for a centralised intermediary.

DEX Volume is often tracked per protocol (e.g. Uniswap, PancakeSwap), per blockchain (e.g., Ethereum, Arbitrum), or in aggregate across the DeFi ecosystem.

For an in-depth understanding on DEXs read our complete guide on crypto swapping and DEXs.

Significance

Unlike TVL, which shows capital locked over time, DEX Volume reflects real-time activity, making it a more dynamic measure of a platform’s performance. High-volume DEXs often benefit from strong network effects and are considered more resilient and widely adopted.