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Decentralized exchanges (DEX) achieved a record 1.43 trillion USD spot trading volume in Q3
Decentralized exchanges (DEX) reached a record of 1.43 trillion USD in spot trading volume in Q3, an increase of 43.6% compared to Q2, surpassing the previous high of 1.2 trillion USD. August and September recorded the second and third largest volumes in history, indicating an increasing level of adoption. DEX currently accounts for 17.7% of total spot trading volume, proving to be catching up with centralized exchanges (CEX) during peak trading periods.
The market is shifting its price determination mechanism: token prices often form first on DEX, and then CEX acts as an exit liquidity channel. Transactions on Uniswap exceeding 100 billion USD per month highlight the role of smart money and automated market makers. This trend brings liquidity, pricing, and risk management on-chain through smart contracts, while CEX still provides exit liquidity, creating a transparent and automated two-tier system.