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%.
This suggests decentralized platforms are closing ground on centralized ones. At the same time, Uniswap’s UNI token shows rising exchange reserves, which complicates the picture.
The data points to growing adoption, yet it leaves open questions about token performance and the durability of the trend.
What Is Driving Interest in the Era of DEXs?
XWIN Japan raised the question on Cryptoquant, asking, “Is the Era of DEXs Finally Arriving?” The analyst wrote that “a structural shift is taking place in crypto trading.”
According to the post, the DEX/CEX ratio reached roughly 25% in September 2026. The ratio compares spot trading volume on decentralized platforms with volume on centralized ones.
The post lists three trends worth watching. These are better liquidity, execution, and user experience on DEXs. The rise of perpetual DEXs such as Hyperliquid is another.
Growing demand for self-custodial financial services completes the list. Each trend relates to how traders choose where to place orders.
Some claim DEX market share has surged over 1,100% in five years. However, the analyst stated that the figure “depends heavily on the starting point and methodology. ”
Different starting dates and calculation methods can change the result considerably. For that reason, it “should not be treated as confirmed.”
The analyst also cautioned that a rising ratio “ can reflect declining CEX volume, not just stronger DEX demand. ” In addition, incentive-driven trading can inflate reported activity. Both factors can change how the ratio should be read.
UNI Exchange Reserves Complicate the Picture
CryptoQuant’s UNI exchange-reserve chart shows roughly 109.3 million UNI held across exchanges. That is up sharply from around 55–60 million in 2024. The chart tracks token balances held on trading platforms. At the chart’s endpoint, UNI trades near $7.
source: Cryptoquant
Rising exchange reserves can indicate more tokens available for trading. A larger balance means more supply is available to trade at short notice.
The post adds that reserves may point to potential selling pressure. However, the analyst clarified that they “do not prove that holders are about to sell.”
Moreover, the post notes that “UNI token flows are not the same thing as Uniswap’s trading activity.” Reserves show where tokens sit, while protocol activity reflects trades. Therefore, the chart cannot confirm or dispute DEX growth by itself.
XWIN Japan said DeFi “ is becoming a more important part of financial infrastructure.” The analyst added that “we should distinguish platform adoption from token performance.”
The metrics to watch next are absolute DEX volume , active users, protocol revenue, and exchange reserves. These figures show whether activity continues without rewards.
The post states that “a sustainable bull case needs real users and fee generation, even after incentives fade. ” The analyst closed by saying DeFi’s success “still has to be measured, not assumed.”
The post Is the Era of DEXs Finally Arriving? DEX/CEX Ratio Nears 25% appeared first on Blockonomi .
