Nearly 1 in 5 crypto spot trades now happen on DEXs as centralized exchange volume collapses

Centralized exchange spot volume dropped 31.2% in July to $727 billion, the lowest since October 2023. Decentralized exchanges also saw a decline, but only by 9.82%, reaching $176 billion. This shift resulted in DEXs capturing a record 19.5% share of total spot volume.