CEXs are losing market share to DEXs – Even when both are shrinking

After a $6.3 billion hack at Binance, Hyperliquid’s share of volume on centralized exchanges, or CEXs, rose from 8.0% to 8.3%, an increase of 0.3 percentage points. The figure represents a larger portion of CEX volume going to Hyperliquid following the hack. Decentralized exchanges, or DEXs, are less able to reimburse victims, a factor that could reverse sticky flows. The two terms distinguish centralized exchange venues from decentralized exchange venues.