tags. We'll translate each paragraph.
Original: "Decentralized exchange spot trading volume climbed to a record 24% of centralized exchange volume in July 2026, according to data compiled by industry trackers. The figure marks the highest share ever for DEXs, which let users trade directly from their wallets without handing custody of funds to a middleman."
Norwegian: "Desentralisert børs spot-handelsvolum steg til rekordhøye 24 % av sentralisert børsvolum i juli 2026, ifølge data samlet inn av bransjeovervåkere. Tallet markerer den høyeste andelen noensinne for DEX-er, som lar brukere handle direkte fra lommebøkene sine uten å overlate forvaring av midler til en mellommann."
We need to be careful with "spot trading volume" – "spot-handelsvolum" is fine. "industry trackers" – "bransjeovervåkere" or "bransjeanalytikere"? "trackers" could be "sporere" but "overvåkere" is okay. I'll use "bransjeovervåkere".
Next paragraph: "For years, centralized exchanges like Binance and Coinbase have dominated spot trading. DEXs, by contrast, have been a smaller but growing slice of the market. The July number — nearly a quarter of all CEX spot volume — shows that gap is narrowing. In previous months, DEX share had hovered in the teens, occasionally touching 20%. The jump to 24% suggests a meaningful shift in where traders are choosing to execute orders."
Norwegian: "I årevis har sentraliserte børser som Binance og Coinbase dominert spot-handel. DEX-er, derimot, har vært en mindre, men voksende del av markedet. Julitallet – nesten en fjerdedel av all CEX spot-volum – viser at gapet er i ferd med å lukkes. I tidligere måneder hadde DEX-andelen ligget på tenårene, og av og til berørt 20 %. Hoppet til 24 % tyder på en betydelig endring i hvor tradere velger å utføre ordrer."
Note: "teens" – in Norwegian we might say "tenårene" or "ti-tallene"? Actually, "hovered in the teens" means between 10-19%, so "på tenårene" is fine, but maybe "på 10–19 prosent" is clearer. But we can keep "tenårene" as it's understood. Also "CEX" is used as an abbreviation, we keep it.
Next: "Spot volume refers to trades where crypto is bought or sold for immediate delivery, as opposed to derivatives or margin trading. DEXs have historically lagged in liquidity and user experience, but improvements in automated market makers and cross-chain bridges have made them more competitive."
Norwegian: "Spot-volum refererer til handler der krypto kjøpes eller selges for umiddelbar levering, i motsetning til derivater eller marginhandel. DEX-er har historisk ligget etter i likviditet og brukeropplevelse, men forbedringer i automatiserte market makers og tverrkjede-broer har gjort dem mer konkurransedyktige."
"automated market makers" – "automatiske market makers" or "automatiske markedsmakere"? In crypto, "AMM" is often used, but we can translate as "automatiske market makers" or "automatiske likviditetsleverandører"? Actually, "market maker" is often kept as is. I'll use "automatiske market makers" as it's common. "cross-chain bridges" – "tverrkjede-broer" is fine.
Next: "The facts don't specify a single cause, but the timing coincides with several known developments in the crypto ecosystem. Regulatory pressure on centralized platforms has been mounting in the U.S. and Europe, pushing some traders toward non-custodial alternatives. At the same time, new DEX designs have reduced slippage and gas fees, making them viable for larger trades."
Norwegian: "Faktaene spesifiserer ikke en enkelt årsak, men tidspunktet sammenfaller med flere kjente utviklinger i krypto-økosystemet. Regulatorisk press på sentraliserte plattformer har økt i USA og Europa, noe som har presset noen tradere mot ikke-depotbaserte alternativer. Samtidig har nye DEX-design redusert slippage og gassgebyrer, noe som gjør dem levedyktige for større handler."
"non-custodial" – "ikke-depotbaserte" or "ikke-forvaltende"? In crypto, "non-custodial" is often "ikke-depot" or "selvforvaltende". I'll use "ikke-depotbaserte" but maybe "ikke-forvaltende" is more accurate. Actually, "custody" means "forvaring" – so "non-custodial" is "uten forvaring" or "ikke-depot". I'll use "ikke-depotbaserte" as a common term. "slippage" – we can use "slippage" as is, or "glidning" but in crypto, "slippage" is used. I'll keep "slippage". "gas fees" – "gassgebyrer" is fine.
Next: "July also saw a spike in on-chain activity for certain tokens, which may have driven volume to DEXs that list assets before they appear on CEXs. Without a named source, it's impossible to pinpoint the exact trigger, but the data is clear: DEXs are capturing a bigger share of the pie."
Norwegian: "Juli så også en økning i on-chain-aktivitet for enkelte tokens, noe som kan ha drevet volum til DEX-er som lister opp eiendeler før de dukker opp på CEX-er. Uten en navngitt kilde er det umulig å peke på den eksakte utløseren, men dataene er klare: DEX-er fanger en større andel av kaken."
"on-chain" is used as is. "pie" – "kaken" is fine.
Next: "The record raises a question that regulators and exchange operators are both watching: can DEXs sustain this growth? Centralized exchanges still offer fiat on-ramps, customer support, and deeper order books for major pairs. But if DEX volume continues to climb, it could reshape how the industry thinks about liquidity and custody."
Norwegian: "Rekorden reiser et spørsmål som både regulatorer og børsoperatører følger med på: Kan DEX-er opprettholde denne veksten? Sentraliserte børser tilbyr fortsatt fiat-inngang, kundestøtte og dypere ordrebøker for store par. Men hvis DEX-volumet fortsetter å stige, kan det omforme hvordan bransjen tenker om likviditet og forvaring."
"fiat on-ramps" – "fiat-inngang" or "fiat-ramper"? I'll use "fiat-inngang" but "on-ramps" is often "inngangspunkter". I'll use "fiat-inngang" as it's
