The DEX to CEX ratio has closed the month at a new all-time high of 24%, up from 17% just a year ago.
The chart tracks spot exchange volume, separate from futures and derivatives, which measures trades on DEXs like Uniswap and Aerodrome.
A large factor in this rise has been a softening of CEX spot volume.
Centralized exchanges have struggled as spot trading volumes dried up, prompting firms such as Coinbase and Gemini to cut staff while traders increasingly migrated to onchain alternatives.
DEX to CEX ratio.
