Ethereum is accelerating, even in a cold market. DEX volume keeps climbing month after month, hitting $3.9T in November 2025, the highest level ever recorded! Thread:👇

1/ Ethereum DEX volume has been in a multi-year uptrend. And as we see, it’s structural growth driven by better liquidity and better UX. Because when fundamentals and real usage align, the curve starts looking exponential.

2/ Automated programs lead the way. Automated trading programs dominate the chart with $2.3T in volume. Obviously, this shows that algorithmic liquidity is now forming the backbone of Ethereum’s DEX ecosystem.

3/ Direct trading still moves almost $819B monthly. Even with aggregators and automation, users continue to rely on Ethereum’s native DEX flows. High trust ≠ low activity. High trust = consistent activity.

4/ Aggregators pushed $683B that month. People don’t want to search for the best price, they want the best execution instantly. Smart routing = better deals for everyone.

5/ Lending Pools and Bridges. Lending pools added $33.8B, while bridges contributed $7.2B. Capital efficiency and cross-chain mobility are now essential pieces of Ethereum’s liquidity loop. Source: @blockworksres