Decentralised exchanges are dominating On-Chain flows: Chainalysis

Web3 users sent $224 billion in on-chain value to DEXs from April 2021 to April 2022, surpassing centralised exchanges like Coinbase at $175 billion. Chainalysis Economist Ethan McMahon told CoinDesk the shift from CEXs to DEXs began in 2020’s DeFi summer and continued through 2021’s NFT boom. A report suggests, DEXs reached 50% market share in September 2020 and 80% in June 2021.