DEX Spot Trading Soars to New Record High Amidst Market Volatility

Decentralized exchanges (DEXs) have experienced a dramatic surge in popularity, significantly expanding their share of spot trading activity over the past five years. A recent report by CoinGecko reveals that the DEX-to-CEX spot ratio has surged from 6% in January 2021 to 21.2% in November 2025, highlighting the ongoing shift away from traditional centralized exchanges (CEX). 2023 saw a gradual climb to 14.6% before a dip to a low of 5.4%, then settling within a similar range through the end of 2024.