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 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.
In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$1,807.11
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$151.293
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 a global leader in the blockchain ecosystem and cryptocurrency infrastructure, offering a comprehensive suite of services, including the world’s largest digital asset exchange by trading volume.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Bybit
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.
MEXC Global
MEXC Global is a centralized crypto exchange with vast crypto-related services.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Designed with simplicity in mind, the Uniswap protocol provides an interface for seamless exchange of ERC20 tokens on Ethereum.
