OKX adds decentralized trading for US users as DEX volumes hit record high

Cryptocurrency exchange OKX, traditionally known for its centralized trading services, is expanding into decentralized finance with a new feature that lets US users trade tokens directly on decentralized markets.

The DEX trading option, available through the OKX app, allows users to buy and sell tokens while retaining control of their digital assets. Trades are executed via self-custody wallets, meaning users hold their own private keys rather than storing funds on the exchange.

According to OKX, the feature provides access to millions of tokens across Solana, Base and X Layer, which is OKX’s own Ethereum layer-2 network built using Polygon’s Chain Development Kit (CDK).

The move comes as decentralized exchange activity surges. DEX trading volumes hit an all-time high of $613 billion in October, accounting for about 20% of total crypto exchange volume, according to data from ForkLog.

By integrating DEX access directly into its app, OKX aims to address long-standing barriers for traders navigating decentralized platforms, such as managing multiple wallets, bridging assets between blockchains and covering gas fees.

The launch follows OKX’s announcement of plans to re-enter the US market, after the company reached a $505 million settlement with the Department of Justice earlier this year.

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The continued appeal of decentralized exchanges

OKX is entering a decentralized exchange market already crowded with established players such as Uniswap, PancakeSwap and Hyperliquid. DEXs, long considered a cornerstone of the broader decentralized finance (DeFi) ecosystem, continue to experience rapid expansion across multiple sectors, particularly in the derivatives sector. 

In September, DEX-based perpetual futures trading reached a record $70 billion, underscoring growing onchain liquidity and trader appetite for decentralized derivatives markets.

While DEXs can pose accessibility and usability challenges, they are often favored by experienced traders due to their lower fees and adherence to the self-custody principles that underpin the cryptocurrency ecosystem.

Related: How Hyperliquid hit $330B in monthly trading volume with just 11 employees