#数字资产市场动态 DEX is eating into CEX's lunch: a turning point has truly arrived

Recently, I came across a set of interesting data — the weekly trading volume of DEX just broke through $86 billion, and the ratio of CEX spot trading has historically exceeded 25%. This is not just a numerical change; essentially, the power dynamics of the entire trading ecosystem are being reshuffled.

The underlying logic is quite clear, driven mainly by three factors:

**First, technology has matured.** High-performance public chains like Layer2 and Solana have reduced transaction costs to nearly zero, with 65% of Ethereum-based DEX trading now happening on L2. Without high gas fees and slow confirmations, the user experience advantage of decentralized trading truly becomes evident.

**Second, the policy environment has loosened.** Regulatory attitudes towards DeFi are shifting, providing more certainty for institutional players. Custodied funds are no longer as apprehensive as before, and large capital is gradually entering the space.

**Third, the logic of asset issuance has been completely changed.** Just look at the popularity of Meme coins; new tokens on Solana and BSC are primarily launched and have their main liquidity on DEXs. The democratization of issuance methods inevitably leads to the decentralization of trading venues.

Even more interesting is the derivatives sector — on-chain perpetual contracts have surged from less than 5% to 18%, with annual trading volume surpassing $12 trillion. This indicates that DEXs are no longer just for retail traders dealing with spot assets; they have become a legitimate market capable of supporting complex financial products with sufficient liquidity.

Currently, UNI is priced at $5.73. From a technical perspective, the RSI remains neutral, seemingly not fully reflecting this major market structural shift. But user choices are already very clear — they are voting with real money, choosing platforms that return the power of discourse.

The logic behind this wave of market movement is: sovereignty returns, trust is rebuilt.