Decentralized exchanges (DEX) processed around $ 385 billion in spot transactions in June, equal to almost 30% of sales registered by centralized locations, according to Defillama and the block data.
The 30-day DEX digit represents a decrease of 12% compared to May, but centralized Exchange (CEX) Spot volume locked up almost 30% in the same period. This is in particular the smallest monthly trade volume from CEX since September 2024.
These different movements resulted in a “Dex to CEX Spot Trade Volume‘From 28.4% from the moment of the press, a new of all time high. The previous record was around 21%, seen in May.
Largest Dex’s hold their ground
Lower relative subtractions on Uniswap, Pancakeswap and other permission -free locations explain the most expansion of the market share.
Combined volume at the top five DEXs, including Orka, Raydium and Meteora, Slips less than 10% month to monthHelped by a steady turnover of stable pairs on Ethereum and growing activity on BNB, Solana and Base.
Binance, Coinbase, OKX and other centralized platforms saw deeper decreases as traders reduced leverage and brought assets to self -coasts.
Bitcoin (BTC) activity could serve as a proxy for this movement, as Binance recently Registered 5,700 BTC In an inflow of 30 days, which is less than half of the average that has been seen since 2020.
In addition, data from Nansen has been showing a steady decrease in the ERC-20 Stablecoin delivery at centralized fairs since 17 June.
With less than one commercial day in June, the current DEX -Totaal $ 15 billion is shy of the threshold of $ 400 billion.
The average daily volume in the past week was $ 13 billion, leaving a plausible path to finish above $ 400 billion if the market conditions remain stable.
A continuous trend
Despite a few misery between January and April, the DEX CEX ratio never fell below 12% in 2025. Between 2019 and 2024, the threshold of 12% was violated only four times, which emphasized the strength of on-chain trade this year.
In January, analyst Ignas noticed that price discovery shifted heavily to decentralized fairs instead of retaining risk capital funds.
According to the analyst this happens because traders who are labeled are “smart money” Mainly involved in trade in chains.
Consequently, the volumes on centralized exchanges act as “liquidity” for these traders. The increase in trade volumes on the chain can reflect that traders move to platforms where the action was created instead of waiting for centralized locations.
