The decentralized exchange (DEX) landscape has quietly gained ground against centralized exchanges (CEXs) over the past few years. But in May and early June 2025, this slow burn turned into a sudden surge. According to recent on-chain data, the DEX-to-CEX volume ratio spiked significantly in May and even briefly exceeded 140% for a single day …
DEX-to-CEX Volume Ratio Spikes Amid Binance Alpha Campaign and Wash Trading Concerns
