On-Chain Perpetuals Surge: Decentralized Platform Captures Over 6% of Global Volume, Challenging CEX Dominance

In May 2024, a top decentralized derivatives platform set a new record, capturing 6.63% of global perpetuals trading volume from centralized exchanges, reaching 14.4% of a leading CEX's volume. This signals a major shift as on-chain derivatives move mainstream, pressuring traditional platforms and potentially driving industry-wide improvements in speed, transparency, and infrastructure.

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