Crypto Traders Abandon CEXs for DEXs, Report
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A new report shows crypto traders have started embracing DEXs compared to CEXs
The report indicates that CEX users dropped while DEX users increased in Q2
The DEX-to-CEX ratio also touched a new high at 0.23
A new report by crypto data aggregator platform CoinGecko indicates that the adoption of DEXs is on the rise compared to CEXs. The adoption saw the DEX-to-CEX ratio increase from 0.13 in Q1 to a new all-time high of 0.23 in Q2. Despite DEXs attracting increased usage, the DEX market is still far lower than that of CEXs, indicating that crypto traders are yet to completely transition to DEXs.
CEX Spot Trading Volume Drops by 28%
In its “2025 Q2 Crypto Industry Report,” CoinGecko noted that spot trading volume on CEXs dropped by close to 28% to $3.9 trillion in Q2 compared to Q1’s $5.4 trillion. Out of the exchanges, only Bitget, HTX, and MEXC registered a growth in trading volume in Q2, while Crypto.com recorded the highest drop in trading volume.
On the flip side, DEXs registered a 25.3% rise in spot trading volume, which reached $876.3 billion in Q2, compared to $699.2 billion in Q1. The market is largely dominated by Uniswap and PancakeSwap.
PancakeSwap recorded the highest growth, which spiked by 539.2% from $61 billion in Q1 to $392.6 billion in Q2. According to CoinGecko, PancakeSwap is now the largest DEX, controlling 45% of the market.
CoinGecko attributed PancakeSwap’s lead “to the launch of Binance Alpha in May, which routes trades through” the DEX. CoinGecko also noted that the BNB Smart Chain has overtaken Ethereum, Solana, and Base to become “the most popular chain for DEX trading.”
DEX Perp Trading Volume Rises
DEX spot trading wasn’t the only DEX-based activity that soared in Q2. DEX-based perpetual futures trading volume also touched a new all-time high at $898 billion in Q2, with Hyperliquid controlling 72.7% of the market.
The rise of DEX spot and perp trading volume comes as exchanges continue to upgrade their platforms to attract more usage. Some CEXs like Bybit are also launching DEXs to serve crypto traders in both camps.
Although the DEX spot trading volume has increased, it’s still far from matching the spot trading volume recorded by CEXs.
The post Crypto Traders Abandon CEXs for DEXs, Report appeared first on FullyCrypto.
Filed under: Bitcoin - @ July 19, 2025 4:24 am