According to the latest industry report from CoinGecko, cryptocurrency traders are increasingly moving from centralized exchanges (CEXs) to decentralized exchanges (DEXs), resulting in significant market shifts.
Trading Volume Dynamics
Spot trading volume on decentralized exchanges in Q2 2025 increased by at least 25% compared to the previous quarter, while volumes on centralized exchanges plummeted by nearly 28%. The DEX-to-CEX ratio reached a record high in Q2, up from 0.13 to 0.23.
Leaders of Decentralized Exchanges
PancakeSwap, a decentralized exchange on the Binance Smart Chain, saw the largest growth, with trading volume rising by 539% to $392.6 billion in Q2. It became the largest DEX globally, accounting for 45% of all trading volume.
Future Prospects and Achievements
The decentralized market also reached a new record in perpetual futures trading, with volumes hitting $898 billion. In contrast, centralized exchanges experienced a 3.6% decline in derivatives volume quarterly.
As observed, the growing interest in decentralized exchanges could significantly transform the entire cryptocurrency market, providing traders with more opportunities for trading without centralized platforms.
