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DEX spot volume hit record 24.1% of CEX volume in July

DEX spot volume totaled $130.8 billion in July, down 26% from June, even as DEXs increased their share to 24.14% of centralized spot volume.

Reported · Written up by our desk · Market Structure

Decentralized exchanges captured their biggest share of spot trading since tracking began in 2019, with DEXs handling spot volume equal to 24.14% of centralized exchange volume in July, according to The Block data cited by The Defiant.

The market shrank overall, with onchain volumes holding up better than centralized exchange activity as both fell. In absolute terms, DEX spot volume dropped 26% to $130.77 billion in July from $177.55 billion in June, the lowest monthly total since September 2024, per Blockworks data.

Uniswap remained the leading DEX, with $52.04 billion in trailing 30-day volume as of Aug. 3, followed by PancakeSwap at $17.59 billion and Pump.fun's PumpSwap at $17.3 billion, per DefiLlama. By chain, Solana led with about $49.5 billion in trailing 30-day DEX volume, ahead of BNB Chain at $31.6 billion, Ethereum at $28.6 billion, and Base at $21.9 billion.

Stablecoin pairs accounted for about $31.5 billion of July DEX activity, roughly 30%, while tokenized-equity DEX volume fell to $1.4 billion from $3.56 billion in June. K33 Research attributed July's overall drop to a seasonal summer lull rather than a structural decline.

Latest closeEthereum $1,869.70 ▼0.7%|Solana $73.95 ▲0.7%|BNB $591.04 ▲0.6%

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