Monthly DEX to CEX volume crosses 20%, first time ever

Spot trading volume on decentralized exchanges exceeded 20% of activity on centralized platforms for the first time in crypto history.

The DEX to CEX trading volume ratio is calculated by dividing the monthly decentralized exchange volume by the centralized exchange volume and representing it as a percentage.

Data from The Block and DefiLlama showed that the DEX to CEX ratio exceeded the 20% mark this week. However, the figure was based on incomplete January data and could change before February.

January’s DEX to CEX percentage reached its highest point since May 2023, when the ratio reached 14% amid a broader market recovery following challenges in 2022.

Does the shift from DEX to CEX% indicate a shift in crypto?

The 20 percent milestone could signal a potential shift in trading behavior as 2025 progresses. Analysts suggest this may reflect growing interest in decentralized platforms.

Launchpads that make it easier to launch tokens, such as Pump.fun, have increased investors’ appetite for low-cost virtual assets. These assets are often first traded on DEXs after launch.

Major centralized exchanges such as Binance, Coinbase and Kraken provide web2-style access to digital assets. However, they are slower to list new coins, often waiting weeks or months before adding them in limited batches.

Decentralized platforms like Uniswap continue to play an important role in crypto trading. DEXs are becoming more compatible with decentralized values ​​and support new token launches without restrictions. On-chain data shows that decentralized exchanges have generated approximately $10 billion in trading volume since the beginning of the year.

7-day DEX trading volume – January 7 | Source: DefiLlama