Decentralized exchanges have processed more than $ 513.5 billion in trade volume over the past 30 days.
The daily turnover was an average of $ 15.93 billion, kept pace with the seven -day total of $ 107 billion and indicates a persistent increase instead of a short peak.
If sustained, the current monthly rate would be made annually to more than $ 6 trillion in trade volume, more than double the average of 2024.
Activity is increasingly concentrated. Pancake wap used more than $ 67.3 billion of the seven -day volume, prior to the $ 28.1 billion of Uniswap. The two DEXs accounted for more than 89% of the weekly current. This level of centralization represents the highest seen in at least six months.
Only pancakes have recorded 62.8% of all volume, stimulated by high transit and low costs on the BNB smart chain. Uniswap, although still the primary Dex on Ethereum and Layer 2S, was left with just over a quarter of the total market at 26.3%.
The Gloof platform is not only widened in share, but also in order flow rate. In the last 24 hours alone, Pancakeswap knew $ 10.3 billion in transactions, more than Double Uniswap’s $ 4.3 billion.
Smaller platforms such as Aerodrome ($ 513 million), liquid ($ 232 million) and Curve ($ 159 million) follow at a considerable distance, which contributes modest slices of the total current. Together, the lower 140-plus DEXs accounts for less than 10% of the volume (around $ 10 billion) despite their enormous number.
Ethereum’s part of the EVM-based DEX volume has shrunk to 13.3%for the past seven days. This drop is consistent with a long -term trend of users who migrate to cheaper, faster chains such as BNB Smart Chain and Polygon.
Although Ethereum remains dominant for Blue-Chip Defi applications, it is increasingly becoming peripheral in the daily Swapstroom, especially during periods of increased gas costs. This shift can be further enhanced by persistent congestion on L1 and the delayed rollout of Uniswap V4, which promises to introduce hooks, intentions and improved adjustment functions in chains.
The growth in Dex activity is not limited to transaction value. According to the latest data from DuneThe total number of unique commercial addresses is now more than 204.2 million. However, this head figure includes duplication at address level and automation.
Most trade still takes place via a small subset of users, who often implement a wide range of portfolios for routing or arbitration. As a result, the user base remains narrower than the raw adrest could imply.
The current composition of DEX activity has both market and technical implications. From a liquidity position, the exaggerated dependence on two locations raises questions about resilience, diversity and potential supplier risk.
On pancakes, for example, a disruption of the BNB smart chain infrastructure can immediately influence the most active transactions. For Ethereum-Native Defi, the sharp fall in SWAP activity can lay further stress on protocol income, token stimuli and mechanisms for recording reimbursements that depend on the use to remain solvent.
Central exchanges such as aerodrome and liquid often offer an interesting look at what the defi-ecosystem drives. Both work on emerging or stimulated chains, usually supported by aggressive liquidity campaigns or arbitration routes for cross-chain.
Although relatively small, these platforms can temporarily nail in volume, depending on token lancs, agricultural yields or cross-bridge. Nevertheless, their sustainability in question remains, in particular given the cost structures for maintaining competing spreads with limited depth.
Address growth about Dexs remains exponentially, but the quality and engagement statistics leave. Many portfolios show minimal activity, which suggests that sleeping holders or disposable addresses are used for AirDrop agriculture.
Filtering for repeated activity reveals a user base that is smaller and more experienced than the top-line number suggests. A sleek cohort of advanced actors implement the majority of current liquidity in multi-platform arbitration, stablecoin routing and L2-L1 migration flows.
From the point of view of Macro, Dex growth is powered by three structural shifts: improved onion and onboarding via portfolios and aggregators; The falling risk premium associated with self -coasts; And the expansion of fast, cheap L1s and L2S that can support real -time swaps with negligible gas overhead.
The absence of KYC -Requirements and the reduced friction of connecting with multiple pools via routers have also contributed to an environment where decentralized liquidity can rival centralized version in speed and efficiency.
In the coming months will probably determine whether the dominance of Pancakeswap is temporary or deep -rooted. UNISWAP V4, set to introduce hooks and chain abstraction functions, can re -confirm the position of Uniswap as a standard swap location on EVMs.
If this is successful, this can re-balance to Ethereum and its roll-ups. For now, however, the center of gravity in Dex-trade has shifted firmly to BNB Smart Chain, where the implementation is cheap, the finality is fast and liquidity providers remain well integrated.
Ultimately, decentralized exchanges have reached a critical threshold in both scale and structure. The current pace of $ 500 billion in monthly turnover brings them to a process to exceed some important traditional trading locations in adapted volume.
Whether that growth persists, depends on two important factors: whether Ethereum can recover its role if the implementation layer can recover for trustless finances, and whether competition at platform level can be expanded after today’s duopoly.
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