DEXs are finally eating CEX territory -- especially in perps. In Q3 2025, Solana DEX volume overtook CEX volume, signaling a structural shift in where leverage lives. The Oct 10 flash crash slowed momentum, but didn't reverse the trend.
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DEXs are finally eating CEX territory -- especially in perps. In Q3 2025, Solana DEX volume overtook CEX volume, signaling a structural shift in where leverage lives. The Oct 10 flash crash slowed momentum, but didn't reverse the trend.