The ratio of decentralized exchange volume (DEX) / centralized exchange (CEX) recently reached a new summit of all time, with messages on X indicating that he spent beyond 30% in early June 2025, a significant leap compared to the 20% reported in January 2025. This increase reflects an increasing activity on the chain, drawn by improvement Dex Users’ infrastructure and preference for confidentiality and self-care. In particular, the Solana’s volume of Solana was a key engine, with weekly volumes reaching more than $ 56 billion in January 2025, largely supplied by the trading of parts even (90-92% of the volume), although this increases durability problems.
UNISWAP remains the main Dex, with $ 106 billion in monthly volume in December 2024, followed by Pancakeswap and Raydium. Meanwhile, the Spot CEX volumes decreased, falling to just over 1 dollars Billion in May 2025. The transition to Dex is awarded to better liquidity, better user experience and regulatory pressures on CEX. The high dex / CEX volume ratio of all time, exceeding 30% in June 2025, signals a change in cryptographic trading dynamics with significant implications and a deepening gap between decentralized and centralized platforms.
User preference for decentralization: The increase in the volume DEX reflects increasing confidence in self-works, confidentiality and non-guardian trading, caused by improving the Dex user experience, lower costs and robust liquidity. Platforms such as UNISWAP and Solana dexis (for example, Raydium) benefit from this trend. Stricter global regulations, including KYC / AML requirements, push users to Dex, which offer anonymity and fewer compliance obstacles. This could question the domination of the CEX in the long term.
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Market resilience: Higher DEX volumes indicate an ecosystem of maturation, trading on a chain proving resilient despite volatility. However, a strong dependence on speculative assets such as coins (90% + the Solana DEX volume) raises concerns concerning sustainability.
Innovation and competition: DEX innovates more quickly with AMM models, cross interoperability and layer 2 scaling, putting pressure on CEXs to adapt or risk market loss. CEX can counter with hybrid models or DEFI integrations.
Liquidity fragmentation: An increased dex activity could fragment the liquidity between the channels, complicating the discovery of prices and the increase in sliding risks, although aggregators like 1 intenu.
The DEX align with the ethics of decentralization of crypto, allowing users to control the funds. The CEX grant priority to the convenience, speed and ramps of Fiat, attractive for institutional and novice traders, but sacrificing autonomy. Dexs attract traders and EDFI, warned and concerned about privacy. The CEXs are aimed at beginners, high frequency merchants and those who need Fiat bridges or advanced tools such as trading of margins.
Dex on Solana, arbitrum and base Offer trades at low cost and high speed, but the CEX still dominate in the depth of the commands and the exchanges crossed. The volume of weekly DEX of $ 56 billion in Solana in January 2025 highlights its advantage, but Cex managed 1 dollars billion in punctual transactions in May 2025. Cexs is exposed to a regulator exam, risking closings or restrictions (for example, Binance’s past prohibitions). Dex, based on protocol, are more difficult to regulate but can face indirect pressure via stablecoin or wallet restrictions.
DEXs distribute value via governance tokens and costs to liquidity suppliers, promoting community ownership. CEXS retains profits, creating tensions with users on transparency and equity. The ditch widens as DEX erod the CEX market share, but the CEX remains anchored due to institutional adoption and the Fiat infrastructure. The increase in the ratio suggests a tilting point where user priorities – freedom in relation to convenience – will shape the future of cryptographic trading.
