Onchain liquidity is now outperforming most centralized exchanges (CEXs), marking a significant structural shift in the cryptocurrency trading landscape. This development is driven by the superior speed and lower costs associated with onchain transactions, which are increasingly attracting traders to platforms where execution is native. The trend suggests a growing preference for decentralized finance (DeFi) solutions over traditional CEXs, as traders seek more efficient and cost-effective trading environments. This shift raises questions about the future of centralized exchanges and whether they will eventually transition fully to onchain operations to remain competitive.