DEX Spot Trading Reaches Record 24% of Centralized Exchange Volume

The ratio of decentralized exchange (DEX) spot trading volume to centralized exchange (CEX) volume has reached its highest level since tracking began in 2019. According to The Block, DEX spot trading rose to about 24% of CEX volume in July 2026, the strongest reading in their current data series.

The rise in DEX activity can be attributed to growing adoption and increasing availability of decentralized markets for users. New chains and wider token access have supported on-chain trading, with platforms like Solana and Robinhood Chain experiencing significant growth in spot DEX volume.

Robinhood Chain's public mainnet launch on July 1 was particularly notable, as it brought new assets to the market, including crypto assets and Robinhood Stock Tokens. Uniswap Labs' deployment of its v2, v3, v4, and UniswapX protocols on the network further boosted activity.

However, The Block's current chart shows that older reports from the same publisher described higher figures under earlier versions of their data. A CoinGecko study used a different group of exchanges and found a 24.5% DEX spot share in June 2025, suggesting that historical data revisions or changes in methodology may be contributing to the discrepancy.