DEX trading volumes have reached new heights in 2025. This analysis breaks down the data, market share shifts, and what it means for the future of decentralized trading.
Volume by Chain
Ethereum L1 still dominates in total value, but L2s and alt-L1s are capturing increasing market share. Arbitrum processes more daily transactions than mainnet.
DEX Market Share
- Uniswap: 45% (down from 60% in 2023)
- Curve: 15% (strong in stablecoins)
- PancakeSwap: 12% (BNB Chain leader)
- Others/aggregators: 28% (growing)
Key Trends
Aggregator usage is rising as traders seek best execution. Intent-based trading and batch auctions are gaining traction for MEV protection.