DEX Market Share Soars to Over 20%, Driven by Solana and DeFi Growth

Decentralized exchanges (DEXs) have seen their market share expand significantly, surging from 6% in January 2021 to over 20% in November 2025. This impressive growth reflects a shift in trading behavior driven by the rise of decentralized finance (DeFi) and increasing institutional interest. The DEX-to-Centralized Exchange (CEX) spot trading ratio has climbed from an initial 6% in January 2021 to 21.2% in November 2025, marking a notable departure from earlier years when decentralized exchanges struggled to reach double-digit percentages.