DEX Trading Dominance Soars: Volume Ratio Tripples in 5 Years

A significant shift in the cryptocurrency trading landscape is underway as decentralized exchanges (DEXs) gain increasing ground. The DEX to centralized exchange (CEX) spot volume ratio has more than tripled, reaching 21.2% in 2025 from just 6% in 2021. This rise is largely attributed to the evolving DeFi ecosystem and a growing preference for non-custodial trading amid increased regulatory scrutiny on CEX platforms. A new study by CoinGecko, co-authored with DeFiLlama, reveals this dramatic change.