Ethena Founder Expects DEXs to Gain Share as Firm Uses Centralized Venues

Guy Young, founder of Ethena Labs, expects decentralized exchanges to win more trading activity as their lower operating costs become more apparent, while Ethena uses centralized exchange liquidity to hedge its synthetic dollar, USDe.

In an Oct. 7 podcast discussion, Young pointed to fewer costs for custody, security and customer verification at decentralized exchanges. He also said easier-to-use trading interfaces have made that cost advantage more apparent. For Ethena’s current hedging approach, he considers centralized venues’ risk controls a better fit.

DEX spot volume share nearly doubled, rising from 6.9% in January 2024 to 13.6% in January 2026. For perpetual futures, DEX share climbed from 2.0% to 10.2% between those months. Centralized venues remained larger in both markets.

The increase has not been continuous. DEXs’ share of spot trading reached 24.5% in June 2025, then stood below that peak in January 2026. The figures track where trading took place; they do not establish lower operating costs as the sole reason DEX share grew.

Ethena’s setup illustrates a separate venue choice. Its USDe backing includes crypto assets and derivatives positions intended to offset changes in those assets’ value. Off-exchange providers hold the backing assets, while Ethena uses centralized exchange liquidity for hedging. The market figures describe trading shares, while Ethena’s setup describes the venues it uses for its hedges.