And we’re back with another day of Crypto 101.

Yesterday, we covered the different types of crypto trading – if you missed it, catch up here.

And today, we’re looking at where you can do it.

More specifically, we’re comparing CEXs vs. DEXs – what they are, how they work, their pros, cons, and why you might pick one over the other.

Ready? Let’s jump in

CEXs

Full government name: centralized exchanges.

These are your classic crypto trading platforms – like Binance, Kraken, Bybit, MEXC, and ChangeNOW – where most people start their crypto journey.

And just like the name suggests, the control over these platforms is centralized – a single entity runs the show, manages your account, and makes the rules.

These platforms basically work like Tinder for crypto trades.

When you wanna buy or sell, they use something called an order book – a list of who’s buying and selling, and at what prices.

When your order matches someone else’s, the exchange connects the two and the trade happens.

However, most of the time, there aren’t enough regular people placing trades to keep things going.

That’s why CEXs rely on market makers – usually bots or companies that constantly place buy and sell orders to make sure there’s always action in the order book.

They profit from the price difference (called the spread), but more importantly, they keep the exchange liquid so you’re not stuck waiting forever for someone to match your order.

Now, when you buy crypto on a CEX, the coins don’t go straight into your personal wallet. Instead, they’re stored in what’s called a custodial wallet– a wallet the exchange controls for you.

You can see your balance, sure, but you don’t actually hold the keys to access the funds directly.

That’s why you’ll often hear the phrase: “Not your keys, not your coins.” If something bad happens or the platform crashes (hi, FTX ), you could lose access to your funds.

But in return for that trust, you usually get a smoother, more beginner-friendly experience: fiat deposits, credit card payments, mobile apps, customer support, and even features like staking or earning interest on your coins.

So, you’re giving up control for convenience.

DEXs

Full government name: decentralized exchanges.

These are platforms with no central authority – no company runs it, no sign-ups, no forms asking for your passport.

You’re in full control.

(Which is kinda the whole point of crypto in the first place.)

But how do they work without someone running things?

Well, everything everything is powered by smart contracts – self-executing code on the blockchain that processes everything automatically.

When you hit “swap,” the smart contract checks if the trade is possible, processes it, and moves the assets between wallets.

Now, DEXs don’t use order books like CEXs do. Instead, they rely on something called liquidity pools.

Think of a liquidity pool like a vending machine that’s stocked with two different tokens – let’s say ETH and USDC.

Instead of a company filling the machine, it’s regular users (called liquidity providers) who supply both tokens hoping to earn a cut of the fees every time someone makes a trade.

When you trade, you’re not dealing with another person directly. You’re just swapping tokens with the machine – taking some USDC out, putting ETH in, or vice versa.

And the price? There’s no one setting it manually. Instead, the vending machine uses a built-in formula – called an automated market maker (AMM) – that adjusts prices automatically based on supply and demand.

If lots of people are buying ETH, the pool runs low on ETH, so the AMM raises the price to reflect that.

And now, for the big difference: DEXs are non-custodial. That means you keep full control of your crypto at all times.

You connect your non-custodial wallet (like MetaMask), approve the transaction, and the trade happens directly between your wallet and the smart contract.

There’s no KYC, and the exchange itself never touches your private keys or holds your funds.

But freedom comes with risk. If you lose access to your wallet or mess up a transaction, there’s no support team to call. You’re the one holding the keys and the consequences.

To summarize:

Choose your fighter

Decentralized exchanges (DEX) processed roughly $385 billion of spot trades in June, equal to almost 30% of the turnover recorded by centralized venues, according to DefiLlama and The Block data.

The 30-day DEX figure represents a 12% decline from May, but centralized exchange (CEX) spot volume contracted nearly 30% in the same period. Notably, this is the smallest monthly trading volume from CEX since September 2024.

These divergent movements resulted in a “DEX to CEX Spot Trade Volume” of 28.4% as of press time, a new all-time high. The previous record was roughly 21%, seen in May.

Biggest DEXs hold their ground

Lower relative drawdowns on Uniswap, PancakeSwap, and other permissionless venues explain most of the market share expansion. 

Combined volume at the top five DEXs, which also include Orca, Raydium, and Meteora, slipped less than 10% month-on-month, aided by steady stable-pair turnover on Ethereum and growing activity on BNB, Solana, and Base. 

Binance, Coinbase, OKX, and other centralized platforms saw deeper declines as traders reduced leverage and moved assets to self-custody.

Bitcoin (BTC) activity could serve as a proxy for this movement, as Binance recently registered 5,700 BTC in a 30-day inflow, which is less than half the average seen since 2020.

Furthermore, data from Nansen shows a steady decline in the ERC-20 stablecoin supply on centralized exchanges since June 17.

With less than one trading day remaining in June, the running DEX total sits $15 billion shy of the $400 billion threshold. 

The average daily volume over the past week exceeded $13 billion, leaving a plausible path to finish above $400 billion if market conditions remain stable.

An ongoing trend

Despite some woes between January and April, the DEX to CEX ratio never dipped below 12% in 2025. Between 2019 and 2024, the 12% threshold was breached only four times, highlighting the strength of on-chain trading this year.

In January, analyst Ignas noted that price discovery is shifting heavily to decentralized exchanges rather than being held by venture capital funds.

According to the analyst, this occurs because traders labeled as “smart money” are predominantly involved in on-chain trading.

Consequently, the volumes on centralized exchanges act as “exit liquidity” for these traders. The increase in on-chain trading volumes could reflect traders moving to platforms where the action originates rather than waiting in centralized venues.

Mentioned in this article

June 23rd, 2025 – Sheridan, wyoming

R0AR, the trailblazing DeFi platform, proudly announces the official listing of its $1R0R token on BitMart, marking its first centralized exchange (CEX) debut.

This milestone catapults R0AR onto the global stage, making decentralized finance smarter, safer, and radically more accessible for all.

“This listing is a testament to our community’s belief in a DeFi ecosystem that doesn’t force trade-offs between power and simplicity,” said ” – Dustin Hedrick, Co-Founder & CTO. “For our early supporters, this is your vision coming to life. For newcomers, welcome to a platform that’s built differently.”

Why R0AR Stands Out

R0AR rejects the complexity that often plagues DeFi. Its unified ecosystem—anchored by the R0AR Wallet, R0ARchain (a high-speed, low-cost Ethereum Layer 2), and the AI-driven R0ARacle (launching soon)—delivers privacy without paranoia, control without complexity, and institutional-grade tools without intimidation. With $1R0R, users unlock staking, farming, and advanced trading insights, all seamlessly integrated.

Until now, accessing $1R0R required navigating decentralized exchanges (DEXs). BitMart changes that, offering unmatched liquidity, price discovery, and a user-friendly gateway for millions worldwide.

Why BitMart?

BitMart’s global reach, robust security, and user-first ethos align perfectly with R0AR’s mission. This listing empowers both new and seasoned users to trade $1R0R with ease, free from the friction of DEXs.

Key Listing Details

• Token: $1R0R (ERC-20, Ethereum)
• Liquidity: Backed by locked presale funds
• Access: Available to all BitMart users globally (KYC required)
• Deposits & Withdrawals: Fully supported

Get Started: Sign up at BitMart, complete KYC, and start trading $1R0R today. https://www.bitmart.com/trade/en-US?symbol=1R0R_USDT

The 1ROR PowerDrop event page is now officially online!

Campaign page: https://www.bitmart.com/activity/1R0R/en-US

Twitter post: https://x.com /BitMartExchange/status /1935073715441541532

Social media airdrop: https:// x.com/BitMartExchange/status /1935004139123249454

To Join the R0AR Revolution users can:

1. Create and verify a BitMart account.
2. Trade $1R0R with ease.
3. Join the community at @th3r0ar for real-time updates.
4. Explore the ecosystem at r0ar.io.

What’s Next for R0AR?

The BitMart listing is just the start. R0AR’s roadmap includes:

• Full Platform Launch: An all-in-one dashboard for staking, farming, and liquidity management. r0arplatform.io
• R0ARacle Activation: Real-time AI-powered market insights to rival institutional tools.
• Expanded Listings: More CEX partnerships to broaden access.
• Innovations: NFT integrations and tokenized real-world assets (RWAs).

“We’re building the future of DeFi with our community,” Dustin Hedrick, Co-Founder & CTO. “This is your platform, your token, your moment.”

Users can join the movement at r0ar.io and trade $1R0R on BitMart today.

About R0AR

R0AR is a DeFi ecosystem designed to make decentralized finance intuitive, secure, and powerful. With its custom Ethereum Layer 2, AI-driven insights, and user-first design, R0AR empowers everyone to thrive in DeFi.

R0ar on Bitmart direct link: https://www.bitmart.com/trade/en-US?symbol=1R0R_USDT

R0AR Platform: https://www.r0ar.io/platform.

How to use the r0ar Platform : https://www.youtube.com/playlist?list=PL9NGvnQ0OI2FM2VTtZrjqnxxgdKvz62F-

R0AR Homepage: https://www.r0ar.io/ 

Telegram: https://t.me/r0ar_community 

X: https://x.com/th3r0ar

Contacts

Chief Development Officer
Brandon Billings
r0ar
contact-us@r0ar.io
Chief Technology Officer
Dustin Hedrick
r0ar
contact-us@r0ar.io

Centralized exchanges are dominated by a few big players, with Binance far outpacing all others in trading volume.

With around $17 billion in 24-hour volume recorded on March 25, Binance’s trading volume is an order of magnitude higher than any other exchange. Binance offers roughly 1,868 markets (479 coins) and captures an outsized share of global trading (routinely 50%+ of all crypto spot volume).

Coinbase recorded $2.8 billion in volume in the past 24 hours, with 431 markets and 289 coins listed. While Coinbase’s volume is large, it is roughly one-sixth of Binance. The US exchange benefits from fiat on-ramps and institutional clientele but has a smaller global user base.

OKX and Bybit both saw $2.5 billion in trading volume, while Bitget and MEXC recorded around $2.20 billion each. In aggregate, the top 10 CEXs account for the vast majority of crypto trading, with Binance alone constituting anywhere between 34% and 60% of total spot volume on any given day.

CEXs as a group list thousands of markets, but their listing strategies often differ significantly. Exchanges like Gate.io and MEXC list more than 4,000 markets each, far more than major regulated exchanges.

These exchanges tap into the long tail of digital assets, which can boost reported volume (as active traders speculate on many small tokens). In contrast, an exchange like Coinbase offers under 500 pairs and focuses on quality and liquidity. Binance (~1,868 markets) strikes a balance – it lists many coins (including new project launches) but also concentrates volume in a few top pairs (BTC/USDT, etc.).

Generally, having more markets can attract niche trading activity. However, the majority of volume on CEXs still comes from a handful of top pairs (BTC, ETH, and popular altcoins like Solana and XRP against USDT or fiat).

DEXs

Decentralized exchanges have grown tremendously since 2020. Today’s DEX landscape spans multiple chains and trading models (AMMs, aggregators, order book DEXs). The top 10 DEXs by daily volume currently include Ethereum-based exchanges and others on alternative Layer-1s and Layer-2s.

Stabble saw the highest trading volume on March 25 — just over $6 billion. The Solana-based stablecoin DEX/aggregator is focused on low-slippage stablecoin swaps. Its volume is highly concentrated in USDT/USDC trades, which alone accounted for roughly $4.7 billion of its volume.

This massive stablecoin swapping activity gave Stabble over 50% of all DEX volume on the days it peaked. The platform’s novel liquidity design (claiming to use 97% less liquidity to achieve the same depth and integration with Solana’s ecosystem (Serum/Jupiter aggregators) likely contributed to its high volume.

Uniswap v3 saw $600 million to $700 million in 24-hour volume on March 25. The DEX is the flagship AMM on Ethereum, known for its concentrated liquidity pools. It supports roughly 909 trading pairs on the mainnet, ranging from major WETH-stablecoin pools to countless ERC20 token pairs.

Uniswap v3 on Ethereum typically has the largest market share of DEX volume on Ethereum and has long been the dominant DEX by brand, though its share is now split across multiple deployments (Ethereum, Arbitrum, Polygon, etc.).

Why CEXs lead

Unlike CEXs, liquidity on DEXs is spread across many chains. Even the largest DEX (Uniswap across all networks) typically handles under $1B/day on-chain, significantly lower than top CEX volumes. On average, total DEX spot volume is roughly 10–15% of total CEX volume. For example, in early 2024, DEXs collectively reached roughly 20% of centralized exchange volume — an all-time high ratio.

This is a big leap from 2022, when DEXs were only around 3% to 5% of the market by volume. Still, no single DEX comes close to Binance’s volume. Uniswap (all versions combined) often does $1 billion to $1.5 billion in daily volume, which can rival or exceed a mid-tier CEX like Kraken or KuCoin but is only a fraction of Binance.

We occasionally see DEX vs. CEX convergence on specific days — for instance, during the DeFi Summer 2020 boom, Uniswap’s daily volume surpassed Coinbase’s for the first time. In March 2025, PancakeSwap’s multi-chain volumes briefly overtook Uniswap, hitting around $1.4 billion in 24 hours versus Uniswap’s $674 million and $14.9 billion vs. $8.3 billion over one week. These moments are notable but not the norm; generally, the top CEXs still handle 5x to 10× the volume of the top DEXs.

One advantage of DEXs is open listing — anyone can provide liquidity for any token pair, so the number of markets is theoretically unlimited. In practice, Uniswap (v3) Ethereum has roughly 900 active pairs, but if you include all long-tail ERC20 pairs ever created, Uniswap v2 and v3 count thousands of markets.

Aggregators like 1inch or Matcha can route across tens of thousands of token pairs permissionlessly. This means the variety of assets traded on DEXs is huge, often larger than any single CEX. However, market share on DEXs is more concentrated in the top pairs (typically stablecoin pairs and WETH/USDC, etc.), similar to CEXs.

CEXs have had a head start in building large user bases. Binance reportedly has over 100 million users, and Coinbase has over 70 million registered. These platforms offer easy access via web/mobile apps, fiat currency onboarding, and familiar interfaces (order books, charts) — lowering the barrier for retail traders.

DEXs, by contrast, require a web3 wallet and some blockchain know-how, which historically limited their audience to more crypto-savvy users. This is changing as wallets and UIs improve, but ease of use still favors CEXs. Moreover, many institutional and algorithmic traders operate on CEXs via API, benefiting from established infrastructure and customer support — whereas using a DEX involves new tooling (web3 wallets, on-chain execution, etc.).

This difference in user profile translates to volume: the sheer scale of Binance’s user base results in huge liquidity and constant trading activity. Even if DEXs offer competitive tech, they must consistently onboard more users to rival CEX volume.

Liquidity begets volume. Binance’s order books are extremely deep — tight bid/ask spreads and high volume at each price level — meaning a trader can execute a large trade with minimal slippage. In contrast, early DEXs had small liquidity pools that would move significantly even on moderate trades. This discouraged big traders from using DEXs.

However, for many top tokens, the slippage on a DEX trade is comparable to a CEX, especially on stablecoin pairs. Nonetheless, professional traders still prefer CEXs or OTC desks for very large orders. CEXs also aggregate global liquidity — a market order on Coinbase or Kraken pulls from all makers on that book, whereas a DEX trade typically hits one pool or aggregator route at a time. CEXs remain the go-to for high-frequency and very-large-volume trading, contributing to their higher overall volume.

CEXs and DEXs derive volume from how well they plug into the broader ecosystem. CEXs benefit from integrations with fintech and institutions — e.g., Coinbase volume is boosted by its linkage to institutional trading desks and its custody services; Binance volume comes not just from retail UI but also from brokers, API traders and its entire ecosystem (Trust Wallet, Binance Pay, etc., all funnel users into trading eventually).

DEXs, on the other hand, benefit from DeFi composability — a lot of DEX volume is driven by other smart contracts and protocols using them under the hood. For example, a DeFi lending protocol might liquidate collateral via Uniswap, or a yield optimizer might rebalance through Curve. These programmatic trades increase DEX volume without a “human trader” directly involved.

Additionally, wallets like MetaMask and Coinbase Wallet have swap features that route through DEX aggregators, bringing in retail users who might not even realize they’re using a DEX.

In summary, CEXs generally win on raw volume due to established trust, large user pools, and powerful trading features, whereas DEXs excel in asset variety, innovation, and permissionless access. The gap in volume is closing as DEX technology matures — with Layer-2 scalability, better liquidity, and more user-friendly interfaces, DEXs have eaten into the CEX lead.

We’ve observed structural shifts like the ones in 2020 and 2022 that gave DEXs permanent footholds in what used to be CEX territory. While it’s unlikely that DEXs will completely displace CEXs in the near term, the competitive pressure has also forced CEXs to innovate.

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