Guy Young, founder of Ethena Labs, attributes the growing market share of decentralized exchanges (DEXs) to their operational efficiency, superior execution, and cost structures. Unlike centralized exchanges, DEXs utilize smart contracts for trade settlement, allowing users to maintain custody of their assets.
In May 2025, DEXs reached a record 25% share of global spot trading volume, processing over $410 billion in a single month. By the second quarter of 2026, the trading ratio between the top 10 DEXs and centralized platforms stood at approximately 23.5%.
The volume share of perpetual DEXs grew from roughly 2% in early 2024 to over 10% by 2026. This growth is driven by the early availability of memecoins on-chain, improved wallet usability, and the expansion of networks such as Solana, Base, and Robinhood Chain.
Ethena Labs utilizes both decentralized and centralized venues to manage its USDe synthetic dollar through delta-neutral hedging. The supply of USDe reached a peak of nearly $15 billion in 2025 and stood at approximately $4.9 billion as of late September or early October 2026.
