DEX Market Share Surpasses Centralized Exchanges

Decentralized exchanges (DEXs) have reached a milestone in the cryptocurrency market. According to recent data, DEX spot market share topped 24% for the first time in July, representing a significant increase of 7 percentage points from 17% a year earlier.

This shift is largely attributed to declining volume on centralized platforms (CEXs), with total spot exchange volume standing at $670 billion, its lowest level in the past 12 months. The sharp decline has led some major CEXs, such as Coinbase and Gemini, to cut staff as traders increasingly opt for on-chain alternatives.

The growth of DEXs is also driven by technical improvements, including advances in liquidity aggregation and faster cross-chain swaps that have largely erased the execution-speed advantage held by centralized exchanges.