Seeing a lot of DeFi players celebrating: 'DEX spot volume accounted for 24% of CEX in July, hitting a new high since statistics began in 2019.' But don’t rush to interpret this as an 'on-chain bull market.' DefiLlama data from the same period shows: DEX absolute trading volume hit a new low for the year, down over 60% from the peak in October last year. A record-high ratio might not mean the numerator is taking off, but rather that the denominator is dropping even faster.