The DEX sector is really booming: out of 490 exchanges, 190 are decentralized.

Recently, there is an interesting phenomenon in the crypto market - Centralized Exchanges are losing followers, while DEX is gaining them.

According to the latest data, among nearly 500 exchanges worldwide, more than 190 are DEXs, accounting for over 38%. After the FTX collapse, people's trust in centralized platforms has completely crumbled, and now they are flocking to decentralized exchanges.

Why are DEXs so popular?

It's very simple—your coins are in your own hands, so you don't have to worry about the exchange running away or freezing assets. Moreover, the transaction fees are cheap, privacy is better, and there's no need for KYC. These are things that Centralized Exchanges cannot do.

Who is the hottest right now?

Ranked by Total Value Locked (TVL):

• Uniswap firmly holds the first position, with a TVL exceeding 4 billion USD, supporting 6 chains.
• PancakeSwap follows closely behind, with a TVL of $2.13 billion, making it the most impactful on the BNB chain.
• SushiSwap has faced controversies, but its TVL is also $400 million, supporting 7 chains.
• Curve Finance specializes in stablecoin trading, with a TVL of $4.22 billion and a fee of only 0.04%.

Other popular ones include MDEX, dYdX, and 1inch.

It is worth noting that the DeFi industry is expected to grow 20 times by 2030, and DEX, as the core infrastructure of DeFi, has a really promising outlook. However, risks must also be taken into account — not all DEX have undergone security audits, and new cryptocurrencies should still be approached with caution.

Is it the era of DEX replacing CEX now? It might be too early, but the trend is very clear.