DEXs Challenge CEXs as DeFi Volume Hits $613B in October 2025

Trading volume on decentralized exchanges (DEXs) surged to an unprecedented $613.3 billion in October 2025, marking a 22.7% increase from September's $500 billion, according to data from DefiLlama. This surge, driven by liquidity mining incentives and airdrop campaigns, reflects growing demand for self-custody and transparency in crypto markets. Uniswap led the charge with $170.9 billion in monthly volume, up 60.4% from September, while PancakeSwap followed with $101.9 billion, a 26.5% jump, according to a TradingView report.

The decentralized finance (DeFi) boom coincided with heightened volatility in the broader crypto market. Bitcoin's sharp decline from $121,500 to $104,600 on October 10 spurred heavy trading activity as investors repositioned portfolios. Vincent Liu, CIO of Kronos Research, noted that traders are increasingly drawn to DEXs for their "liquidity mining and airdrop-driven engagement," signaling a shift toward on-chain activity, the TradingView report added.

Meanwhile, centralized exchanges (CEXs) also saw robust performance, with total October volume reaching $2.17 trillion—a 28% increase from September. Binance maintained its dominance at $810.4 billion, while Gate and Bybit reported $175.6 billion and $156.9 billion, respectively. The DEX-to-CEX volume ratio climbed to 19.84%, up from 18.83% in September, highlighting a growing preference for decentralized platforms, the TradingView report noted.

The surge in DEX activity aligns with broader fintech innovations. SoFi Technologies, for instance, is re-entering the crypto space through blockchain-powered international money transfers and a new AI-focused ETF, according to a 247wallst forecast. Similarly, Roblox Corporation's 60% year-over-year growth in bookings underscores the expanding utility of digital ecosystems, a trend that could further fuel demand for decentralized platforms.

T. Rowe Price Group, a traditional asset management firm, reported $1.77 trillion in assets under management (AUM) for Q3 2025, reflecting investor confidence in diversified financial products, according to a T. Rowe Price release. While not directly tied to crypto, the firm's strategic collaborations and focus on scalable financial services highlight a parallel shift toward technology-driven solutions—a trend that could intersect with DeFi's growth trajectory.

Despite the optimism, risks persist. Regulatory scrutiny, competition from established interoperability platforms like Chainlink, and token dilution pressures remain critical challenges for projects like Mono Protocol, a multi-chain crypto presale token, according to a Blockonomi analysis. Analysts caution that while DEX volume growth is robust, long-term adoption will depend on real-world utility and developer engagement, the TradingView report said.

For now, the crypto market's resilience—evidenced by the October volume surge—suggests continued interest in decentralized alternatives to traditional financial systems. As projects like Mono Protocol and platforms like Uniswap refine their offerings, the interplay between DeFi and fintech could redefine global financial infrastructure.