Decentralized Exchanges Reach Record Trading Volume Share

In July, the spot trading volume on decentralized exchanges (DEX) relative to centralized exchanges (CEX) reached a historic high, surpassing 14.3%. This is according to data from The Block Dashboard. 

The last time the figure approached these levels was in May 2023, at 13.7%. 

In monetary terms, July’s trading volume on DEX reached $144.2 billion. However, the past month is far from the record $263.7 billion recorded in May 2021. 

Uniswap’s share over the last 30 days reached $48.52 billion. Raydium took second place with $27.78 billion. 

According to DeFi Llama, Uniswap remains the leading DEX. The total value locked on the platform exceeds $5.58 billion. 

Regarding the ratio of futures trading volume on DEX to CEX, the figure peaked in May at 5.65% (tracked since January 2022). In July, it fell to 5.1%. 

The increase in DEX trading volume share is likely linked to the popularity of meme tokens. On July 1, the daily revenue of the platform Pump.fun for launching such assets on Solana reached $1.99 million, surpassing Ethereum’s $1.91 million. 

Previously, the cryptocurrency data service DEX Screener launched a competing platform called Moonshot.

Back in May, Synthetix founder Kain Warwick described meme coins as a “valuable” tool for DEX, as they attract non-traditional DeFi traders to the platforms.