DEX Spot Volume Reaches Record 24% of CEX Trading in July
The decentralized exchange (DEX) spot volume reached a record high of about 24% of centralized exchange (CEX) trading in July 2026, according to The Block's DEX-to-CEX data series.
This marks the strongest reading shown in the current series and continues a broader rise in on-chain market share since 2024. The Block calculates this measure by dividing monthly DEX volume by volume on a selected group of CEXs, including the top 30 decentralized exchanges by volume from DefiLlama.
The increase was driven partly by new chains and wider token access, with Robinhood Chain adding significant activity in July. Uniswap Labs deployed four protocol versions on the network on July 2, supporting crypto assets and Robinhood Stock Tokens through Uniswap's web app, wallet, and API.