We're excited to release "The State of DEXs 2025," a comprehensive analysis that reflects on the evolving landscape of decentralized exchanges (DEXs) and their role in shaping the onchain economy.
DEXs are rapidly evolving from alternative venues to become a central force in DeFi, driving innovation, accessibility and decentralization. Our report explores the critical challenges of liquidity and market structure, while examining how derivatives, AI integration (Crypto X AI) and the competitive dynamics between Solana and Ethereum are shaping the future of decentralized trading. This analysis aims to help onchain traders and builders navigate opportunities while understanding key technical and operational challenges ahead.
Most notably, we found that Solana-based DEXs, driven by retail trader activity, have surged to command 48% of total DEX volume, while Ethereum maintains its stronghold among whales and institutional traders for large-scale trades exceeding $50,000, revealing a split in how different chains serve distinct trading needs.
Drawing on insights from some of the premier firms in crypto, including 1inch, Uniswap and Dune, our report examines:
DEXs as the backbone of DeFi, establishing themselves as the cornerstone of the decentralized financial ecosystem through enhanced accessibility, decentralization and technological advancements
How Solana and Ethereum 2.0 are fighting for dominance in the battle for liquidity, efficiency and scalability in the DEX landscape
Critical liquidity challenges and innovative solutions, from Raydium's market-making models to Uniswap's evolving design, with a focus on maintaining depth and stability
The transformative intersection of blockchain and AI (Crypto X AI), where onchain AI agents create new opportunities while raising crucial security and IP considerations
Key findings include:
Solana is dominating retail DEX volume, while Ethereum has a stranglehold on high-value trades
Solana leads in overall DEX volume with 48% market share, with approximately 60% of this volume coming from pump.fun activity
Ethereum and its Layer 2s dominate high-value trades, particularly those exceeding $50,000
In terms of liquidity pool quality, Ethereum holds 10 of the top 20 spots, followed by Base (5 spots), Arbitrum (2), BSC (2) and Solana (1)
Asia leads Europe and North America in the developer wars with AI integration a key focus of the industry's builders
Builder preferences show Ethereum leading at 20.8%, followed by Solana (11.2%) and Base (10.7%)
AI integration dominates builder activity at 33.9%, with focus on Blockchain Infrastructure (20.1%) and DeFi (14.2%)
Geographic distribution of developers shows Asia leading at 32%, followed by Europe (31%) and North America (24%)
DEX derivatives break new ground while familiar TradFi yield instruments enter DeFi
While DEX spot volumes still exceed decentralized derivatives by 10x, Hyperliquid and dYdX's appchain innovations signal a path toward CEX-level performance
Tokenized T-Bills and basis trading assets (USDe, USR) emerge as yield-bearing base currencies, fundamentally changing the derivatives landscape
For deeper insights, read the full report here - or experience the future of trading with our OKX Wallet here.
