DeFi· ★★★· neutral·

Ethena founder Guy Young says DEXs are winning on efficiency

  • —DEXs hit a record 25% of global spot volume in May 2025, over $410 billion in one month
  • —The top-10 DEX-to-CEX volume ratio was roughly 23.5% in Q2 2026
  • —Perpetual DEX share rose from about 2% in early 2024 to above 10% in 2026
  • —USDe supply fell from a peak near $15 billion in 2025 to about $4.9 billion by autumn 2026
Why it matters: DEX share gains are reshaping liquidity and fee revenue across exchanges, intensifying pressure on centralized venues.
#USDE
Source: Crypto Briefing
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