Decentralized exchanges accounted for spot volume equivalent to 24% of centralized exchange volume in July, the highest ratio since The Block’s data series began in 2019. In absolute terms, DEX spot volume fell 26% to $130.77 billion from $177.55 billion in June. Uniswap led DEXs with $52.04 billion in trailing 30-day volume, followed by PancakeSwap and PumpSwap. Robinhood Chain, which launched its public mainnet on July 1, immediately became the fifth-largest chain by DEX volume at roughly $14.7 billion.
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