DEX volume now at 24% of CEX volume — couldn't even hit 10% in 2024.
Not just DEX growth. CEX volume is bleeding faster.
This is a structural shift. Retail and pros both moving onchain. CEXs losing ground to self-custody, better pricing, and MEV-aware execution.
Mid-cycle rotation into DeFi makes sense here. Uniswap, Curve, aggregators — all benefit. If you're still 100% CEX, you're missing where liquidity is migrating.
Watch DEX/CEX ratio. If it pushes 30%+, that's confirmation we're in a new regime. Position accordingly.
Not just DEX growth. CEX volume is bleeding faster.
This is a structural shift. Retail and pros both moving onchain. CEXs losing ground to self-custody, better pricing, and MEV-aware execution.
Mid-cycle rotation into DeFi makes sense here. Uniswap, Curve, aggregators — all benefit. If you're still 100% CEX, you're missing where liquidity is migrating.
Watch DEX/CEX ratio. If it pushes 30%+, that's confirmation we're in a new regime. Position accordingly.