Cryptocurrency traders are increasingly favoring decentralized exchanges (DEXs) over centralized exchanges (CEXs), resulting in a record CEX-to-DEX ratio. According to CoinGecko's latest report, DEX spot trading volume rose by at least 25% in Q2 2025 compared to the previous quarter, while CEX volumes fell nearly 28%. This shift elevated the DEX-to-CEX ratio from 0.13 to 0.23. Despite this growth, the DEX market remains smaller, with the top 10 DEXs generating $877 billion in volume versus $3.9 trillion on CEXs. PancakeSwap, a DEX on the Binance Smart Chain, saw a remarkable 539% increase in volume, reaching $392.6 billion, making it the largest DEX globally. The surge is partly due to the launch of Binance Alpha, which routes trades through PancakeSwap, making BSC the leading chain for DEX trading. Additionally, perpetual futures trading on DEXs hit a historic high of $898 billion, with Hyperliquid dominating this market segment. Read more AI-generated news on: https://app.chaingpt.org/news