Decentralized Exchanges See Surge in Trading Activity
The numbers don’t lie—decentralized exchanges (DEXs) are pulling in serious trading volume these days. According to fresh data, weekly activity across these platforms hit $113.4 billion, up more than 12% from the previous week. That’s not just a blip. It suggests traders are leaning harder into DEXs, maybe for the control they offer or just better liquidity in certain spots.
What’s interesting is how much ground DEXs have taken from centralized exchanges (CEXs). Right now, they account for over 28% of total trading volume. That’s not dominance yet, but it’s a big enough slice to make you wonder if the gap will keep narrowing.
PancakeSwap and Uniswap Lead the Pack
No surprise here—PancakeSwap is still the heavyweight champ. It racked up $65.1 billion in weekly volume, which is… a lot. Its total value locked (TVL) sits at $10.7 billion, so liquidity isn’t exactly thin. Traders on Binance Smart Chain seem to love it, whether for swaps or yield farming.
Uniswap isn’t far behind, though. Even with Ethereum’s gas fees still annoying everyone, it pulled in $27.8 billion in volume. Its TVL is smaller at $4.3 billion, but it’s holding steady. Maybe it’s the brand recognition, or maybe people just trust its automated market-making system more than newer players. Either way, it’s not going anywhere.
Smaller Platforms Gaining Traction
Beyond the big two, there’s movement. Raydium, built on Solana, hit $7.2 billion in volume—proof that some traders are willing to gamble on faster, cheaper chains. Aerodrome, another up-and-comer, hit $3.8 billion. Neither has the TVL of PancakeSwap or Uniswap, but they’re growing. Curve, the go-to for stablecoin swaps, did $1.5 billion. Not earth-shattering, but it fills a niche.
Then there’s the next tier: Maverick, LFJ, DODO, and Camelot. None broke $1 billion in volume, but they’re not irrelevant. Maverick, for instance, did $620 million on a TVL of just $24 million. That’s a high turnover ratio, which could mean traders are using it for smaller, quicker moves. LFJ and DODO are in a similar boat—modest TVLs but decent volume. Camelot’s the smallest here, but $344 million isn’t nothing. Maybe it’s finding a niche with newer tokens.
Why This Might Keep Going
It’s not just retail traders driving this. Institutions are dipping toes into DEXs too, likely because the tech’s improving and regulations are (sort of) clarifying. Transparency helps, and so do better interfaces.
The bigger picture? DEXs aren’t a fad. With PancakeSwap and Uniswap holding strong, and smaller platforms carving out space, the ecosystem feels more balanced than ever. Whether that lasts depends on a lot—regulation, tech hiccups, or just where traders chase the next opportunity. But for now, decentralized trading isn’t just surviving. It’s busy.
