Decentralized exchanges accounted for a record 19.5% of combined crypto spot trading volume in July, according to the updated figures, as centralized exchanges lost 31.2% of volume to $727 billion, the lowest monthly total since October 2023. DEX volume declined 9.82% to $176 billion, but the smaller drop allowed decentralized venues to capture a larger share of activity. An earlier account in this record put July DEX share at 24%, creating a discrepancy that the newer volume figures revise to 19.5%. The shift continues a longer-term increase in DEX usage that accelerated from mid-2024, although its significance may be limited if the higher share is primarily the result of shrinking overall crypto-market volumes.