Ethereum Stablecoins Hit New Peak, Uniswap Reigns with $170B Volume

Ethereum’s stablecoin ecosystem exploded in October, hitting a new all-time high in monthly transaction volume with traders rotating into stable assets and yield strategies as the broader crypto market spiraled into uncertainty.

Stablecoins on Ethereum Dominate

According to The Block’s data, stablecoin volume on Ethereum reached $2.82 trillion, marking a 45% jump from September’s $1.94 trillion. This surge surpasses all previous monthly highs, driven foremost by USDC ($1.62 trillion) and USDT ($895.5 billion), both of which saw recorded massive growth.

On the other hand, MakerDAO’s DAI was ranked third at $136 billion, slightly down from September but far below its May peak of $470.7 billion.

Interestingly, Stablecoin issuers are the largest revenue generators across the crypto ecosystem. Throughout October, they contributed between 65% and 70% of total daily protocol revenue, surpassing lending platforms, DEXs, and blockchain infrastructure protocols.

DEX Volumes Surge: Uniswap Leads with $170.9B

According to DefiLlama, the total DEX volume hit $613.3 billion in October, up from nearly $500 billion in September. Uniswap remained the clear leader, processing $170.9 billion, followed by PancakeSwap at $101.9 billion.

The DEX-to-CEX volume ratio climbed to 19.84%, indicating a preference for decentralized platforms. Meanwhile, CEXs recorded their highest volume since January 2025, totaling $2.17 trillion, a 28% monthly increase.

Binance dominated with $810.4 billion in volume, trailed by Gate ($175.6 billion), Bybit ($156.9 billion), and Bitget ($134.7 billion).

On-Chain Activity Weakens, But Fundamentals Stay Intact

Ethereum’s network fundamentals turned dull as CryptoQuant reported a 24% decline in daily active addresses, from around 480,000 in mid-August to 363,000 by late October.

The MVRV ratio, a key valuation metric, has also dropped from 1.85 to 1.50, further indicating that investors’ profit margins are shrinking and that the market is entering a cooling, neutral phase.

CryptoQuant analysts added that Ethereum’s Realized Price sits at $2,560, placing the market in a neutral zone between fear and greed. Historically, MVRV readings near 1.5 have preceded strong volatility.

According to CoinMarketCap, Ethereum ETH $3 711 24h volatility: 4.0% Market cap: $447.69 B Vol. 24h: $29.37 B is currently consolidating around $3,700, down 17% in the past month and 5.5% in the last 24 hours. Analysts claim that price stability above the $3,840 support could trigger a rebound toward $4,200–$4,500, while failure to hold this zone may push ETH down to $3,560–$3,200.

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