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 in crypto markets, according to recent data, as centralized exchange volumes have contracted significantly. Spot exchange volume is tracking toward a new 12-month low of $670 million, a sharp decline from the annual peak of $2.23 trillion.
The shift reflects changing market dynamics and user preferences between venue types. DEX growth relative to CEX volumes suggests sustained interest in non-custodial trading infrastructure, though the absolute volume levels across both segments remain notably lower than earlier in the year.
The structural drivers behind the CEX volume contraction—whether reduced overall trading activity, migration to other asset classes, or consolidation among platforms—are not specified in available reports. The sustainability of DEX market share gains and whether this represents a durable shift or a temporary effect of broader market conditions remain open questions.