Decentralized Venues Pulled Share From CEXs in a Risk-Off Quarter, ARK Invest Finds

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Decentralized exchanges (DEXs) are eating into centralized exchanges’ market share, with the DEX-to-CEX spot ratio climbing to around 27.4% in Q1 2026. The share gain came even as absolute volume 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 rough stretch for digital assets. Crypto prices slid sharply between mid-January and early February before staging a modest recovery in March. Even so, the quarter closed in the red as risk-off sentiment and fear gripped the market. According to CoinGlass data, Bitcoin (BTC) shed 22% over the period, losing several key support levels along the way. The pullback also weighed heavily on trading activity. DEX spot trading volume tumbled around 26% quarter-over-quarter to roughly $832 billion, snapping a five-quarter streak above the $1 trillion mark, per ARK Invest data. The drop was broad-based, hitting nearly every trading category. Meme coins slumped 32% to $199 billion, and project tokens collapsed 58% to $37 billion. Native stablecoin pairs slipped 28% to $319 billion but still held their place as the largest single category. “Stablecoin swap volume was the only category to increase (+0.7%) quarter-over-quarter to ~$185 billion), while tokenized asset swaps surged ~83% to ~$4.6 billion, thanks in part to increased onchain trading of tokenized gold and equities,” the report read. 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 volume ratio rose 270 basis points. “The rebound suggests that decentralized venues are gaining share of spot trading, even as absolute volumes declined,” the report added. Follow us on X to get the latest news as it happens ARK Invest credited DeFi’s improving user experience and growing roster of tradable assets. Uniswap (UNI) returned to the top of the DEX rankings with $231 billion in spot volume. The protocol overtook PancakeSwap (CAKE), which recorded $138 billion in volume. Subscribe to our YouTube channel to watch leaders and journalists provide expert insights

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