DEX-to-CEX Volume Ratio Spikes Amid Binance Alpha Campaign and Wash Trading Concerns

Description

The decentralized exchange (DEX) landscape has quietly gained ground against centralized exchanges (CEXs) over the past few years. But in May and early June 2025, this slow burn turned into a sudden surge. According to recent on-chain data, the DEX-to-CEX volume ratio spiked significantly in May and even briefly exceeded 140% for a single day in early June—an unusually high level that has raised both excitement and questions within the crypto community. The increasing prominence of DEXs has been...