Ethereum Stablecoin Volume Reaches $2.82 Trillion, Uniswap Leads DEXs

Ethereum's Stablecoin Market Hits New High

Stablecoin transaction volume on Ethereum reached $2.82 trillion in October, a 45% increase from September.
Main contributors were USDC ($1.62 trillion) and USDT ($895.5 billion).
DAI ranked third with $136 billion, down from its May peak of $470.7 billion.
Stablecoin issuers generated 65%-70% of total daily protocol revenue in the crypto ecosystem for October.

DEX Volume Increases

Total DEX volume reached $613.3 billion in October, up from nearly $500 billion in September.
Uniswap led with $170.9 billion, followed by PancakeSwap at $101.9 billion.
DEX-to-CEX volume ratio rose to 19.84%, signaling a preference for decentralized exchanges.
CEXs recorded their highest volume since January 2025, totaling $2.17 trillion, with Binance leading at $810.4 billion.

Ethereum Network Metrics

Daily active addresses on Ethereum decreased by 24%, from 480,000 in mid-August to 363,000 by late October.
The MVRV ratio declined from 1.85 to 1.50, indicating shrinking profit margins.
Ethereum's Realized Price is at $2,560, suggesting a neutral market zone.
Ethereum is currently consolidating around $3,700, down 17% over the past month.

Ethereum MVRV Ratio | Source: CryptoQuant

Price stability above $3,840 could lead to a rebound towards $4,200–$4,500, while failure to hold may push prices down to $3,560–$3,200.