Decentralized exchanges (DEX) reached a record of 1.43 trillion USD in spot trading volume in Q3, an increase of 43.6% compared to Q2, surpassing the previous high of 1.2 trillion USD. August and September recorded the second and third largest volumes in history, indicating an increasing level of adoption. DEX currently accounts for 17.7% of total spot trading volume, proving to be catching up with centralized exchanges (CEX) during peak trading periods.
The market is shifting its price determination mechanism: token prices often form first on DEX, and then CEX acts as an exit liquidity channel. Transactions on Uniswap exceeding 100 billion USD per month highlight the role of smart money and automated market makers. This trend brings liquidity, pricing, and risk management on-chain through smart contracts, while CEX still provides exit liquidity, creating a transparent and automated two-tier system.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
