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 are the next metrics to watch. The era of DEXs may be gaining momentum as decentralized exchanges take a larger share of crypto spot trading. In September 2026, the DEX/CEX spot volume ratio reached roughly 25%.