According to CoinMeta, as reported by The Block, the proportion of spot transactions on decentralized exchanges (DEX) rose to 24% at the end of July, hitting a record high, compared to 17% a year ago. A significant reason for this increase is the noticeable decline in spot transaction volumes on centralized exchanges (CEX). Data shows that the total volume of spot exchanges is approaching a 12-month low, at around 670 billion US dollars, which is significantly lower than the high of 2.23 trillion US dollars during the year. Analysts point out that the decline in spot transaction volumes is influenced by the diversion of market activity to predictive trading models on one hand, and it also reflects a general decrease in interest in crypto trading on the other. In other words, the record-high proportion of spot transactions does not necessarily indicate absolute prosperity in on-chain trading; rather, it reflects a structural change against the backdrop of shrinking spot trading volumes on decentralized exchanges.