Decentralized exchanges (DEXs) have seen a significant increase in trading volume, with the spot trading ratio compared to centralized exchanges reaching a record 37.4% in June, according to CoinGecko. This surge was largely driven by memecoin speculation and increased activity on PancakeSwap. Although the ratio decreased to approximately 21% in November, it remains higher than in previous years, highlighting the growing market share of DEXs. Additionally, the perpetual contract DEX trading ratio achieved a new peak of 11.7% in November, with the annual trading volume experiencing a tenfold increase. This trend underscores the rising popularity and adoption of decentralized trading platforms in the cryptocurrency market.