#DEX流动性与交易量 Seeing Eugene's approach here is quite interesting. December's market trading volume indeed hit a bottom, and the order book was as thin as paper — which actually highlights a key point: **During periods of liquidity drought, the roles of DEXs and centralized exchanges will be amplified**.

Small liquidity becomes especially valuable in such market conditions. Eugene mentioned that "a few big buyers entering can tear through the order book," which reflects the current fragility of market depth. It is precisely because of this that we need to pay more attention to liquidity building on DEXs — although their trading volume still lags behind CEXs, they are gradually improving this pain point through incentives, multi-chain deployment, liquidity mining, and other methods.

Historically, volatility tends to return in January, and then liquidity will become a core concern for traders. This is also why I am particularly optimistic about the future of DEXs — as the market becomes more active, decentralized trading infrastructure will become increasingly important. Instead of passively waiting, it’s better to understand these underlying principles now and identify projects that are innovating in liquidity.

Opportunities often grow quietly in downturns.