Condividi questo articolo
Citi Says Decentralized Crypto Exchanges Are Gaining Market Share From Centralized Peers
Increased crypto regulation could drive users to decentralized platforms, the bank said.
Di Will Canny
Decentralized cryptocurrency exchanges (DEXs) have grown faster than centralized exchanges (CEXs) over the past two years, Citigroup (C) said in a research report Thursday. The gap is likely to widen as users move away from centralized platforms to avoid their more onerous know-your-customer procedures.
DEXs are blockchain-based apps that coordinate large-scale trading of digital assets between many users by using automated algorithms, instead of the traditional approach of acting as a financial intermediary between buyers and sellers.
STORY CONTINUES BELOW
Non perderti un'altra storia.Iscriviti alla Newsletter Crypto Daybook Americas oggi. Vedi tutte le newsletter
DEXs offer distributed revenue, like dividends, to token holders and the ability to self-custody funds, the report said. Once the trading rewards are included, these exchanges have comparatively lower fees than platforms such as Coinbase Pro, Citi added.
One of the main differences between DEXs and CEXs is the custody of funds, the bank said, as there is a risk in storing assets with CEXs. The bank highlighted the collapse of lending platform Celsius Networks and broker Voyager Digital as examples.
One potential driver for DEX volumes in the near term is an increase in regulation, the note said. As crypto regulation develops more broadly, with expanded reporting requirements, users could begin to migrate to DEXs from “KYC-heavy CEXs,” it said, referring to “know-your-customer” requirements. The regulatory landscape is expected to become more “onerous,” and more users are likely to switch to decentralized exchanges from centralized ones, the note added.
Citi says DEXs are responsible for 18.2% of spot-trading volume, noting that volumes have remained resilient at over $50 billion a month, with total revenue of $3.6 billion in the last year. Uniswap continues to dominate, accounting for around 70% of total DEX volume, and could distribute up to $250 million to token holders if a recent governance proposal is passed.
“This could mark a key pivot for a foundational DEX within the DeFi space,” the bank said, referring to decentralized finance, which is an umbrella term used for lending, trading and other financial activities carried out on a blockchain without traditional intermediaries.
Read more: Centralized Exchange (CEX) vs. Decentralized Exchange (DEX): What’s the Difference?
Di più per voi
Cosa sapere:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Di più per voi
Jump Trading sued for $4 billion in connection to Do Kwon’s Terra Labs collapse: WSJ
The administrator winding down what remains of Terraform is suing Jump Trading, accusing it of contributing to its demise while profiting illegally.
Cosa sapere:
- The bankruptcy administrator of Terraform Labs is suing Jump Trading for allegedly profiting from and contributing to a $40 billion crash.
- Todd Snyder, responsible for winding down Terraform Labs, seeks $4 billion in damages from Jump Trading and its executives.
- Terraform Labs collapsed in 2022 after its stablecoin TerraUSD lost its dollar peg, leading to a market crash and the downfall of its sister token, Luna.
Top Stories
