In June, the DEX to CEX spot ratio hit an all-time peak of 37.4%, largely due to “a spike in PancakeSwap’s volumes,” says CoinGecko analyst Yuqian Lim.
Crypto decentralized exchange (DEX) trading volumes have surged to a peak against their centralized counterparts, driven by a “memecoin speculation mania,” says CoinGecko.
The ratio of spot crypto trading on DEXs compared to centralized exchanges (CEXs) has more than tripled in the past five years to reach new highs in 2025, CoinGecko research analyst Yuqian Lim said in a report on Thursday.
The DEX to CEX spot ratio hit an all-time high of 37.4% in June off the back of a spike in memecoin interest and “a spike in PancakeSwap’s volumes due to orders routed from the Binance Alpha platform, which was launched in May,” according to Lim.
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