Decentralized exchange spot trading rose to about 24% of centralized exchange volume in July 2026, according to The Block’s current DEX-to-CEX data series. This reading was described as the strongest shown in the current series and continued a broader rise in onchain market share since 2024. The ratio stayed below 10% for much of 2024 before rising as traders increasingly used permissionless markets for memecoins, newly issued assets, and products unavailable on large centralized platforms.
DEX Volume Growth
The July figure followed a faster expansion that began in 2025. Current DefiLlama data shows that activity remains spread across several networks, with Solana, BNB Chain, Ethereum, and Base ranking high in spot DEX volume. Robinhood Chain was one of July’s clearest new sources of DEX activity, with Uniswap Labs announcing that Uniswap v2, v3, v4, and UniswapX went live on the network on July 2.
Market Share
The claim that July produced the “highest level since tracking began in 2019” requires qualification, as The Block’s current chart supports the reported July reading, but older reports from the same publisher described higher figures under earlier versions of its data. A separate CoinGecko study used a different group of exchanges and placed DEX spot share at 24.5% in June 2025. The August reading will show whether the ratio can remain near one-quarter of covered CEX volume after July’s new-chain activity settles.
