DEXs reached record 24% market share of spot trading as centralized exchange volumes hit 12-month lows.
DeFi & Yields ·
Decentralized exchanges have reached a record 24% share of spot trading volume as centralized exchange activity declined to 12-month lows, according to reporting on the shift. Spot exchange volume is currently tracking toward $670 million, a steep drop from the annual peak of $2.23 trillion.
The movement reflects an ongoing rebalancing in crypto trading infrastructure, with decentralized platforms capturing an increasingly larger portion of order flow. The dynamics suggest traders are actively routing more volume through non-custodial venues, though the reasons driving this shift—whether operational, regulatory, or preference-based—remain not fully detailed in available reports.
The sustainability of this trend and whether decentralized venues can maintain or expand their market share as overall spot volumes recover remain open questions. The absolute volume figures also indicate that total trading activity has compressed significantly from earlier in the period, making the proportional gains harder to evaluate in isolation.