DEX SPOT TRADE IS 24% HIGHER AND CEX TRANSACTIONS CONTINUE TO DECLINE. SLIDE

On 4 August, the ratio of DEX to CEX spot transactions rose to 24 per cent at the end of July, a record high, up from 17 per cent a year earlier. The indicator, which measures the volume of spot transactions, excluding futures and derivatives, mainly covers decentralised exchange transactions such as Uniswap, Aerodrome and others. An important reason for this increase is the apparent weakness in the volume of off-the-shelf transactions on the centralized exchange. With the downtrenchment of spot trading, centralized platforms such as Coinbase, Gemini and others have been pressurized, some companies have been retrenching and traders are gradually shifting to chain trade alternatives. Data show that the total stock of spot exchanges is approaching a 12-month low of about $67 billion, significantly below the high of $2.23 trillion in the year. The Block analysis states that the downswing in spot transactions is influenced on the one hand by projected market diversions and on the other hand by the overall decline in interest in encrypted transactions. In other words, the high share of DEX in innovation does not entirely mean an absolute boom in chain transactions, but more structural changes in the context of the contraction of CEX spot transactions。