Decentralized Venues Pulled Share From CEXs in a Risk-Off Quarter, ARK Invest Finds
Decentralized exchanges (DEXs) are consuming into centralized exchanges’ market share, with the DEX-to-CEX spot ratio climbing to round 27.4% in Q1 2026.
The share acquire got here at the same time as absolute quantity fell 26% to $832 billion, per ARK Invest’s DeFi Quarterly report.
A Risk-Off Quarter for Crypto
The first quarter of 2026 was a tough stretch for digital belongings. Crypto costs slid sharply between mid-January and early February earlier than staging a modest restoration in March.
Even so, the quarter closed in the pink as risk-off sentiment and fear gripped the market. According to CoinGlass data, Bitcoin (BTC) shed 22% over the period, dropping a number of key help ranges alongside the way in which. The pullback additionally weighed closely on buying and selling exercise.
DEX spot buying and selling quantity tumbled round 26% quarter-over-quarter to roughly $832 billion, snapping a five-quarter streak above the $1 trillion mark, per ARK Invest knowledge. The drop was broad-based, hitting almost each buying and selling class.
Meme coins slumped 32% to $199 billion, and undertaking tokens collapsed 58% to $37 billion. Native stablecoin pairs slipped 28% to $319 billion however nonetheless held their place as the biggest single class.
“Stablecoin swap quantity was the one class to extend (+0.7%) quarter-over-quarter to ~$185 billion), whereas tokenized asset swaps surged ~83% to ~$4.6 billion, thanks in half to elevated onchain buying and selling of tokenized gold and equities,” the report learn.
DEX Share Rose to 27.4% in Q1 2026 Even as Volume Dropped
Yet the picture wasn’t all bearish for DEXs. ARK reported that the quarterly DEX-to-CEX spot quantity ratio rose 270 foundation factors.
“The rebound means that decentralized venues are gaining share of spot buying and selling, at the same time as absolute volumes declined,” the report added.
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ARK Invest credited DeFi’s bettering consumer expertise and rising roster of tradable belongings. Uniswap (UNI) returned to the top of the DEX rankings with $231 billion in spot quantity. The protocol overtook PancakeSwap (CAKE), which recorded $138 billion in quantity.
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