DEX Spot Volume Reaches 24% of CEX Volume in July

Decentralized exchanges (DEXs) accounted for 24.14% of centralized exchange (CEX) volume in July, marking the highest ratio since 2019. Despite a declining market, onchain volume fared better than CEX volume, which both decreased. DEX volume had previously remained below 10% of CEX volume for most of 2024 and between 18% and 21% in the first half of 2026. In absolute terms, DEX spot volume fell 26% in July to 130.77 billion dollars from 177.55 billion dollars in June, the lowest since September 2024. Daily DEX volume exceeded 6 billion dollars only once in July, on the 8th. Uniswap led DEXs with 52.04 billion dollars in trailing 30-day volume as of August 3, followed by PancakeSwap at 17.59 billion dollars and Pump.fun's PumpSwap at 17.3 billion dollars. By blockchain, Solana led with approximately 49.5 billion dollars, followed by BNB Chain at 31.6 billion dollars, Ethereum at 28.6 billion dollars, and Base at 21.9 billion dollars. Robinhood Chain, launched on July 1, became the fifth-largest chain by DEX volume with about 14.7 billion dollars over 30 days. Daily DEX volume on Robinhood peaked at 943.6 million dollars on July 11, primarily driven by Uniswap. Stablecoin pairs constituted around 31.5 billion dollars of July's DEX activity, approximately 30%. Tokenized-equity DEX volume fell to 1.4 billion dollars from June's 3.56 billion dollars. K33 Research attributed the overall decline to seasonal factors rather than structural issues.