DEX volume has demonstrated remarkable resilience, with market share trending upward as infrastructure matures and user preferences shift toward non-custodial trading.
Market Structure
Uniswap dominates Ethereum and L2s. Curve commands stablecoin trading. Chain-specific DEXs capture local volume—Raydium on Solana, PancakeSwap on BNB Chain. Aggregators route significant volume across all venues.
AMM Evolution
Concentrated liquidity is now standard. JIT liquidity reshapes LP economics. Automated managers handle complexity for passive LPs. Hybrid mechanisms blend AMM with order book features.
Order Book Resurgence
dYdX and Hyperliquid demonstrate viable on-chain order books, particularly for perpetuals. Performance approaches centralized venues while maintaining on-chain settlement.
DEXs have transitioned from experimental to essential infrastructure, offering viable execution for most trading needs.