October was a tumultuous month for the crypto industry. Bitcoin plummeted mid-month from about $121,000 to about $104,000, shaking up portfolios and sparking new volatility on both centralized and decentralized exchanges. According to DefiLlama, the same disruption caused DEX trading volume to reach record levels, exceeding $613 billion.
Prices cooled, but trading did not. Every dip seemed to lead to both panic selling and quick scalps. I wasn’t very active in trading myself – I was traveling in India and Thailand that month – but I found it easier to use Blofin or Bybit when trading from my phone. No farming or complicated loops required. Simply enter and exit quickly during market fluctuations.
Still, there was one thing that surprised me. Despite not having my eyes glued to the screen, I managed to earn a solid 3,500 ASTER in two weeks of the Aster S2 campaign. We were reminded that DEX farming is still incredibly profitable even when trading volumes are down for most retail users.
Why DEX is attracting attention
The market correction has created the perfect situation for on-chain traders. As centralized exchanges faced high volumes, many users turned to DEXs for transparency, self-custody, and airdrop farming. Uniswap, PancakeSwap, and Curve all reported spikes in liquidity.
Uniswap topped the list with monthly trading volume of approximately $171 billion, up from $106 billion the previous month. PancakeSwap followed suit with around $102 billion, and emerging DEXs like Aster and Aerodrome began gaining traction with new revenue programs and retrospective farming events.
The DEX to CEX ratio has also jumped to nearly 20%, showing how much trust traders currently have in decentralized platforms. This number may sound small, but considering that centralized exchanges still dominate retail flows, this is a significant shift to on-chain activity.
What is the cause of the sudden increase in DEX trading volume?
- Volatility as a catalyst: Big swings in BTC and ETH always attract traders looking to profit from short-term momentum.
- Fresh story: BNB Chain meme coins, privacy tokens, and ETF-related speculation have all driven on-chain transactions.
- Airdrop farming: The promise of token rewards maintains liquidity in the DEX even during market downturns.
- Transparency and control: After years of exchange hacks and withdrawal suspensions, traders have come to trust smart contracts more than just custodial wallets.
As Kronos Research’s Vincent Liu recently stated, traders are no longer on-chain for just “ideological” reasons, but for liquidity, opportunity, and rewards.
DEX airdrop may be the biggest opportunity
You may feel like you’re missing out on all the DEX fun. But that’s not the case at all. Typically, the best airdrops are those that risk capital and are active almost every day. Well, this is exactly what happens when you farm DEX airdrops.
Of course, you’re probably familiar with big names like Hyperliquid and Aster. Hyperliquid is still the #1 DEX and with the second airdrop everyone will be dealing with it again. Aster has dropped its second airdrop and some new seasons are coming soon. We will be updating the new list this week.
But apart from that, there are dozens more DEX airdrops that you can farm. Some will surprise people with a great airdrop, while others will disappoint. In reality, knowing which one will cost you the most is not an exact science. Just dip your toe into what feels comfortable. This is an opportunity you don’t want to ignore.
We are constantly updating our list of trade airdrops. Every week there are several new opportunities. Scroll through these pages to find your farm.
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Looking to the future
November statistics already suggest that trading activity remains strong. From Layer 2 ecosystems to DeFi restaking, the DEX space looks more vibrant than ever as capital transforms into new narratives.
Personally, I continue to mix both worlds: CEX like Bybit for convenience while traveling, and DEX for long-term farming play. If October proved anything, it is that DEX trading volumes are not just speculative, but reflect crypto’s core values of openness, reward, and self-sovereignty.
Of course, you can also operate all of this smartly and neutrally. For that, check out all our guides.
If you liked this blog, check out our recent blogs about Zcash (ZEC) and privacy coins.
As always, don’t forget to claim the following bonuses at Blofin. See you next time!
