DEX-to-CEX Volume Ratio Spikes Amid Binance Alpha Campaign…
The post DEX-to-CEX Volume Ratio Spikes Amid Binance Alpha Campaign… appeared on BitcoinEthereumNews.com. The decentralized exchange (DEX) landscape has quietly gained ground against centralized exchanges (CEXs) over the past few years. But in May and early June 2025, this slow burn turned into a sudden surge. According to recent on-chain data, the DEX-to-CEX volume ratio spiked significantly in May and even briefly exceeded 140% for a single day in early June—an unusually high level that has raised both excitement and questions within the crypto community. The increasing prominence of DEXs has been taken as an indicator of the growing prevalence of decentralized exchanges. Yet this much-touted shift toward decentralized trading has not been as organic or healthy as it seems. Rather, it has been driven by a dangerous surge in DEX trading on the BNB Chain. 1/ DEX to CEX volumes have slowly risen over the past few years, but the ratio recently spiked in May. pic.twitter.com/louZCVpWEN — Blockworks Research (@blockworksres) June 10, 2025 Binance Alpha Campaign Fuels Unnatural Volume Surge The main reason for the recent DEX volume explosion is Binance’s heavily incentivized “Alpha DEX Campaign” on BNB Chain. Meant to enhance liquidity and user engagement in chosen decentralized protocols, the campaign resulted in a tremendous surge of trading across several DEXs operating on the chain. Incentives often attract sincere users, but they also tend to attract exploitative behaviors—most notably, wash trading. In this instance, wash trading became a principal method for achieving the campaign’s aims. Traders, operating at high frequency and engaging in minimal-risk trades, went to and fro to farm rewards and raise transaction volume in a totally artificial manner. In this instance—quite literally—a huge waste of math. Polyhedra and KOGE were at the heart of this activity, with each generating a not insignificant several billion dollars in daily volume at the peak of the campaign. Now, analysts are looking…

The post DEX-to-CEX Volume Ratio Spikes Amid Binance Alpha Campaign… appeared on BitcoinEthereumNews.com.
The decentralized exchange (DEX) landscape has quietly gained ground against centralized exchanges (CEXs) over the past few years. But in May and early June 2025, this slow burn turned into a sudden surge. According to recent on-chain data, the DEX-to-CEX volume ratio spiked significantly in May and even briefly exceeded 140% for a single day in early June—an unusually high level that has raised both excitement and questions within the crypto community. The increasing prominence of DEXs has been taken as an indicator of the growing prevalence of decentralized exchanges. Yet this much-touted shift toward decentralized trading has not been as organic or healthy as it seems. Rather, it has been driven by a dangerous surge in DEX trading on the BNB Chain. 1/ DEX to CEX volumes have slowly risen over the past few years, but the ratio recently spiked in May. pic.twitter.com/louZCVpWEN — Blockworks Research (@blockworksres) June 10, 2025 Binance Alpha Campaign Fuels Unnatural Volume Surge The main reason for the recent DEX volume explosion is Binance’s heavily incentivized “Alpha DEX Campaign” on BNB Chain. Meant to enhance liquidity and user engagement in chosen decentralized protocols, the campaign resulted in a tremendous surge of trading across several DEXs operating on the chain. Incentives often attract sincere users, but they also tend to attract exploitative behaviors—most notably, wash trading. In this instance, wash trading became a principal method for achieving the campaign’s aims. Traders, operating at high frequency and engaging in minimal-risk trades, went to and fro to farm rewards and raise transaction volume in a totally artificial manner. In this instance—quite literally—a huge waste of math. Polyhedra and KOGE were at the heart of this activity, with each generating a not insignificant several billion dollars in daily volume at the peak of the campaign. Now, analysts are looking…
What's Your Reaction?






