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📊 July’s exchange data needs context. CoinDesk Research reported CEX spot + derivatives volume fell 23.9% to $3.76T, while DEXs reached a record 19.5% share of spot trading. But DEX spot volume also fell 9.82% to $176B. So the record share shows relative resilience, not necessarily record adoption. RWA perpetual volume rose 47.8% to a record $460B. Source: CoinDesk Research. Disclaimer: Informational only, not investment advice. #DEX #DeFi #RWA