In the latest report published today by Yahoo Finance (November 9 2025) an extensive analysis indicates a significant shift in the behavior of cryptocurrency users.
Decentralized exchanges (DEXs) are witnessing an unprecedented surge in trading activity after years of dominance by centralized exchanges (CEXs) such as Binance and Coinbase.
This change is not merely a passing trend — it is seen as a strategic turning point in the global crypto market structure marking a broader transition of trust and capital toward decentralized systems that offer users greater control over their assets.
From Centralized to Decentralized Exchanges: What’s the Difference?
- Centralized Exchanges (CEXs) rely on intermediaries to manage assets execute trades, and store user data.
Examples: Binance, Coinbase, Kraken.
- Decentralized Exchanges (DEXs), on the other hand operate entirely through smart contracts without human intermediaries, allowing users to trade directly from their wallets.
Examples: Uniswap, PancakeSwap, dYdX.
This transition from “centralized control” to “self-sovereignty” reflects a philosophical and practical change among users who have become more cautious after multiple bankruptcies and hacks that affected several CEX platforms in recent years.
The Numbers Behind the Shift
According to the report:
- DEXs’ share of total crypto trading volume has surged from 9% in early 2024 to over 30% in November 2025.
- Combined monthly trading volume on Uniswap and SushiSwap surpassed $120 billion for the first time in history.
- On-chain data also shows that more than 40% of new active wallets now connect primarily to DEX applications rather than centralized platforms.
These figures confirm that this shift is not just a “tech experiment” — it represents a broad institutional and community transformation within the digital asset ecosystem.
Why Is This Happening?
1. Security Awareness
After the collapse of platforms such as FTX and Celsius, users became much more cautious about exchanges that hold their private keys.
The crypto mantra “Not your keys, not your coins” has become a guiding principle for most traders.
2. Technological Advancements in DEXs
- DEXs have significantly improved in user interface transaction speed and liquidity depth.
- Innovations like improved Automated Market Makers (AMMs) and Layer 2 networks (Arbitrum Optimism) have reduced fees and latency.
3. Full Transparency
Every transaction on a DEX is recorded on-chain enabling real-time market tracking and reducing the possibility of price manipulation.
4. Regulatory Pressures
With increasing scrutiny from regulators in the U.S. and Europe many investors have found DEXs a freer and safer environment to trade their digital assets.
Market Implications
- Declining dominance of centralized exchanges: Binance and Coinbase’s market share could shrink gradually through 2026.
- Rising demand for governance tokens such as UNI, CAKE, and DYDX.
- Expansion of the DeFi economy: As DEX usage grows, decentralized lending, insurance, and derivatives are expected to expand rapidly.
Expert Opinions
Emma Li Market Analyst at CoinDesk:
“We’re witnessing the biggest structural shift in crypto since Bitcoin’s inception. Users are choosing self-custody and transparency over the comfort of centralized platforms.”
Alex Tan Strategy Director at Glassnode:
“If DEX growth continues at this pace it could capture over 50% of all crypto trading volume within two years — becoming the new dominant force in digital asset trading.”
Conclusion
The migration of user activity from centralized to decentralized exchanges is not just a technical evolution — it’s a cultural shift in investor mentality.
It signifies the maturity of the crypto market and its move from a model of “trust in intermediaries” to “trust in code”
With ongoing innovation in smart contracts and decentralized infrastructure the next generation of crypto trading will likely be fully free — without intermediaries or borders.
🔗 Source : https://finance.yahoo.com/news/crypto-users-shifting-cexs-dexs-090216750.html?
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