Decentralized exchanges (DEXs) are processing extra trades than ever, with the DEX-to-CEX spot buying and selling ratio at an all-time excessive of 14.22%, in accordance with The Block, and reaching as excessive as 22% within the final 24 hours, in accordance with DeFiLlama.

The rise in DEX dominance signifies a rising variety of customers shopping for and promoting tokens on-chain and might be attributed to the rising reputation of memecoins, which generally don’t commerce on centralized exchanges till they obtain a comparatively massive market capitalization.

At 14.22%, the DEX-to-CEX quantity ratio is at its highest stage since Might 2023, when it touched 13.7%, and January 2022, when it reached 11.3%.

Might 2023 is usually regarded again on as the primary “memecoin season” of this market cycle on account of PEPE’s breathtaking rally, and January 2022 coincided with the NFT market’s peak day by day volumes. Notably, each of those “metas” required customers to transact solely on-chain.

Along with the DEX-to-CEX ratio, Solana’s dominance can be at new highs. For the primary time ever, Solana is about to outpace Ethereum by way of month-to-month DEX volumes.

As of July 29, Solana DEXs have processed $52.3 billion in whole quantity for the month, whereas Ethereum DEXs have processed $49.1 billion in the identical time interval, in accordance with DeFiLlama.

SOL has drastically outperformed ETH amid Solana’s catching up to Ethereum by way of on-chain metrics. The SOL/ETH ratio is up 329% during the last 12 months and 28% within the final 30 days.