Decentralized Venues Pulled Share From CEXs in a Risk-Off Quarter, ARK Invest Finds
DEXs gained market share from CEXs in Q1 2026 despite a 26% drop in overall crypto volume.Summary
In the first quarter of 2026, decentralized exchanges (DEXs) increased their market share relative to centralized exchanges (CEXs), with the DEX-to-CEX spot volume ratio rising to approximately 27.4%. This gain occurred despite a significant 26% quarter-over-quarter decline in absolute trading volume, which fell to $832 billion. The crypto market experienced a 'risk-off' sentiment, leading to sharp price drops for assets like Bitcoin. While most trading categories saw volume decreases, stablecoin swaps saw a slight increase, and tokenized asset swaps surged due to on-chain trading of tokenized gold and equities. ARK Invest attributes the DEX share growth to improved user experience and a wider range of tradable assets, with Uniswap regaining its position as the leading DEX by spot volume.
(Source：BeInCrypto)