Is the Era of DEXs Finally Arriving? DEX/CEX Ratio Nears 25%

TLDR: The DEX/CEX spot trading volume ratio reached roughly 25% in September 2026, per XWIN Japan. UNI exchange reserves hold about 109.3 million tokens, up from 55–60 million in 2024. A rising DEX/CEX ratio can reflect falling CEX volume, and incentives can inflate reported activity. Absolute DEX volume, active users, protocol revenue, and exchange reserves [...]

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