Centralized and decentralized exchanges registered growth, yet the former managed to have a more significant expansion.
Crypto trading volume surpassed $5.3 trillion in 2024’s first quarter, according to data from DefiLlama and The Block. Centralized exchanges (CEX) saw $4.8 trillion in volume in the period, while decentralized exchanges (DEX) amassed $523 billion.
The CEX sector grew by 96% between quarters, while decentralized platforms captured 76.5% more volume. March was the best month in the quarter for centralized and decentralized exchanges, with $2.5 trillion and $264.3 billion in trading volumes respectively.
When compared to the same period in 2023, DEX volumes are 82.5% up in trading volume, with CEX right behind with an 81% rise.
Binance’s dominance in the CEX sector grew by almost 5% between quarters, with over $2 trillion in crypto traded on the exchange representing 43,4% of all trading volume in Q1. Meanwhile, Uniswap kept its dominance by amassing 31% of the DEX trading volume in Q1.
Despite the growth in trading volume on centralized and decentralized exchanges, the DEX to CEX ratio fell quarterly. In 2023 Q4, the trading activity on decentralized platforms represented 12.1% of the volume seen in their centralized counterparts, yet this percentage slumped to 10.9% in 2024 Q1.