Guy Young, founder of Ethena Labs, explained during Delphi Digital’s Hivemind podcast in October 2026 why decentralized exchanges keep gaining market share from centralized rivals. He identified three pillars: execution, custody, and economics. In May 2025, DEXs reached a record 25% share of global spot trading volume, totaling more than $410 billion. In Q2 2026, the trading ratio of the top 10 DEXs to CEXs stood at approximately 23.5%. USDe supply, Ethena’s synthetic dollar, peaked at nearly $15 billion in 2025 before falling to approximately $4.9 billion by late September or early October 2026.
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