DEX spot trading volume reached an all-time high of 24% market share in July as centralized exchange volumes declined.
DeFi & Yields ·
Decentralized exchanges reached a milestone in July, capturing 24% of spot trading volume—an all-time high for the category. The gain reflected simultaneous weakness in centralized exchange volumes during the period. The shift marks a continuation of structural competition between on-chain and off-chain trading infrastructure, though the underlying drivers of July's CEX contraction and whether the DEX share gain will persist remain unclear.