Centralized exchanges (CEXs) have long dominated crypto trading, with giants like Binance and Coinbase leading the pack. Binance, for instance, boasts around $17 billion in daily trading volume, dramatically eclipsing its rivals. Meanwhile, decentralized exchanges (DEXs) like Uniswap have seen monumental growth since 2020, spanning multiple chains and raking in significant daily volumes. However, despite climbing to 20% of CEX volume by early 2024, DEXs still lag behind the colossal CEXs. But what's driving this tidal shift, and could DEXs one day close this daunting gap?
CEX dominance persists despite rapid growth in DEX volumes
Despite the rise of DEXs, centralized exchanges maintain superior trading volumes and user accessibility.
5 min read
Updated: Apr. 1, 2025 at 1:16 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$2,921.09
Ethereum is an open source smart contract platform and decentralized network that underpins a large share of the global crypto economy.
Solana
$122.757
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Binance
Binance is one of the world’s largest centralized cryptocurrency exchanges by trading volume, offering spot, derivatives, and earning products to a global retail and institutional user base.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Bybit
Bybit is a centralized crypto exchange best known for derivatives, including perpetual futures and options, alongside spot trading and related services.
MEXC Global
MEXC Global is a centralized crypto exchange with vast crypto-related services.
Coinbase
Coinbase is a publicly listed digital asset platform that operates one of the largest regulated crypto exchanges in the United States.
Designed with simplicity in mind, the Uniswap protocol provides an interface for seamless exchange of ERC20 tokens on Ethereum.
