Monthly trading volume on decentralized exchanges (DEXes) has reached new all-time highs, according to the latest on-chain data.

According to blockchain data aggregator DefiLlama, DEX volume for December was $422 billion, the highest ever on record.

The month of November was also an all-time high, according to DefiLlama.

Uniswap, Ethereum’s (ETH) biggest DEX, recorded the most amount of volume while Raydium (RAY), the largest DEX on Solana, placed second.

Most other chains saw an increase in volume, and DeFI as a sector is growing, perhaps getting a boost from President-elect Donald Trump who has ostensibly given a nod of approval to the sector by launching his own platform – World Liberty Financial (WLFI).

The incoming president’s project says that its main mission is to spread US dollar-pegged stablecoins and the concept of DeFi throughout the world.

According to World Liberty Financial, stablecoins are the crux of DeFi, and its goal is to ensure that US dollar-pegged crypto assets remain the global settlement layer for DeFi protocols for the foreseeable future.

“By spreading U.S.-pegged stablecoins around the world, we ensure that the U.S. dollar’s dominance continues, securing America’s financial leadership and influence on the global stage.”

World Liberty Financial is working closely with cybersecurity experts and DeFi lending platform Aave (AAVE) to fulfill its vision.

According to blockchain “de-anonymizing” service Arkham, the World Liberty Financial project was holding over $50 million in crypto assets as of last month.