Picture decentralized exchanges as plucky rebels, storming the centralized empire with blasters blazing.
Now, analysts shared that our heroes hit an all-time high of $419.76 billion in spot volume last October, shrugging off market corrections like a Jedi dodging laser shots.
Skyrocketing DEX market share
CoinGecko’s fresh report crowns DEXs kings of one-fifth of all spot trading, a juicy 21.2% DEX-to-CEX ratio in November.
From a measly 6.0% in January 2021, these bad boys clawed their way up, no straight-line fairy tale.
The activity roared post-FTX apocalypse in 2022. Ratio tanked to 5.4% by September, then bobbed around like a confused asteroid till 2024’s end.
No instant boost from the crash, DEXs only surged past 10% in March 2023 amid US regulatory heat.
Then 2025 ignited, January’s Solana memecoin mania exploded DEX volumes to $413.75 billion, eclipsing past peaks.
Raydium doubled to $88.56 billion, eyeballing Uniswap’s $88.92 billion like a rival gunslinger. DEX market share? Skyrocketing, baby.
The fifth straight month hovering near 20%
June 2025 peaked the frenzy at 37.4% ratio, thanks to PancakeSwap’s volume bomb after Binance Alpha’s May launch routed orders like a hyperspace shortcut.
November marks the fifth straight month hovering near 20%, lightyears from old flatlines.
May-October volumes stayed stratospheric despite corrections. DEXs all-time high volume screams resilience.
Decentralization is winning the war?
Now, the trials turn to perps trading. Experts highlighted that DEX-to-CEX perps ratio rocketed from 2.1% in January 2023 to 11.7% in November this year. October’s DEX perps smashed $903.56 billion, tenfold from a year ago.
November? 14th month of growth. New blood like Hyperliquid ($2.74 trillion year-to-date), Lighter, and edgeX lap the old guard, dominating fees and leaving giants in cosmic dust.
We have to admit, DEXs are devouring spot and perps action. This DEX volume growth and DEX-to-CEX ratio evolution signals a power shift, decentralization’s improbably winning the war. Will rebels claim the throne amid volatility? Well, we’re cheering for the rebels.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
