00:00CEXs, Binance, Coinbase, OKX
00:03Are companies that hold your funds in custody
00:05And match trades on private internal servers
00:08DXs, Uniswap, PancakeSwap, Hyperliquid
00:12Run on chain via smart contracts
00:14So you keep custody of your assets
00:16And trade peer-to-contract instead of peer-to-broker
00:19This custody distinction drives every other difference
00:22Speed, fees, KYC, and transparency
00:26As of July 2026
00:28CEXs still dominate, but the gap is narrowing
00:31Combined CEX volume fell 23.9% month-over-month
00:36To $3.76T
00:38Lowest since November 2023
00:40While DX spot trading hit a record 19.5
00:45To 24.14% of CEX spot volume
00:48Depending on methodology, Coindesk versus
00:51The Block
00:52The highest ratio since tracking began in 2019
00:55Binance alone holds 26.9% CEX spot share and 45.8% derivative share
01:02Key structural differences, ranked by practical impact
01:06Custody and security
01:07CEXs hold private keys, exchange hack risk, e.g. past FTX-style failures
01:14DXs let you self-custody, but you bear responsibility for wallet security and smart contract bugs
01:20Speed to list new assets
01:23New tokens can trade on a DX within minutes of launch, while CX listings require compliance review, often days to
01:30weeks
01:31Data integrity
01:32DX volume is verifiable on-chain
01:35Real gas costs prevent easy wash trading
01:38CX volume is self-reported and can be inflated without third-party audits
01:43Regulations slash KYC
01:45CXs require identity verification and comply with regional rules, e.g. EU's MICA
01:52DXs are largely permissionless and anonymous
01:55Liquidity depth for large orders
01:57CXs still offer tighter spreads and deeper order books for major pairs like BTC slash USDT
02:04DX liquidity is fragmenting across chains
02:07Solana 30.6% of DX share
02:10Base, B&B chain
02:12The right choice depends on context
02:14Institutional or high-volume traders needing deep liquidity and fiat on-ramps lean CX
02:20Users trading new slash illiquid tokens
02:23Prioritizing self-custody
02:25Or in regions with restrictive CX access lean DX
02:29These ratios shift monthly and are sensitive to which exchanges are included in each report
02:35So treat any single percentage as directional, not definitive
02:39Practical takeaway
02:40Use a CX for large, liquid trades and fiat conversion
02:44Use a DX when you need self-custody, faster access to new tokens, or verifiable on-chain execution
02:51And check current defilama slash coin gecko data before acting, since this market share gap is moving fast
02:58Finally, remember that everything we discussed today is for educational purposes only and does not constitute financial advice
03:06Good luck to everyone and see you in the next video
03:09Let's see you in the next video
03:09Let's see you in the next video
03:09– Sous-titrage FR 2021