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🎯 About MinoTari (WXTM)
Tari is a Rust-based blockchain protocol centered around digital assets.
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Aug 7, 2025, 09:00 – Aug 12, 2025, 16:00 (UTC)
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Analysis of the Five Major Trends of DEX: The Rise of Cross-Chain Trading and High Market Concentration
Depth Analysis: Five Major Trends and Future Directions of DEX Development
The decentralized trading platform ( DEX) has rapidly developed since the DeFi boom in June 2020, with monthly trading volume increasing 105 times within a year to $20.395 billion. The DEX market started on Ethereum and gradually expanded to multi-chain platforms like BSC, Solana, and Avalanche. Currently, DEXs on the Ethereum chain still dominate, while DEXs on other chains are relatively smaller.
DEX mainly includes types such as AMM, cross-chain trading, derivatives trading, stablecoin trading, and DEX aggregators. Among these, AMM is the most common type, with Uniswap being the representative project. By analyzing 60 leading DEXs, the following five major trends can be summarized:
Although affected by the market, the overall trading volume of DEX has declined compared to the beginning of the year, but there are still five directions worth paying attention to: established Ethereum DEX, cross-chain DEX, stablecoin trading protocols, Cosmos ecosystem DEX, and new public chain DEX.
Current Status of the DEX Track
1. Trading Volume Analysis
DEX trading volume can be divided into three categories: spot trading, derivatives trading, and DEX aggregators, with spot trading being the dominant type.
In terms of spot trading, the DEX trading volume began to grow in June 2020, increasing 105 times within a year to $20.395 billion. This year, there has been an overall downward trend, with August at $6.676 billion, a decrease of 58.3% compared to January. Uniswap and PancakeSwap account for more than half of the market share. The ratio of DEX to centralized exchange spot trading volume reached a peak of 25.51% in February this year.
In derivatives trading, dYdX holds an absolute dominant position. On September 21, dYdX's trading volume was $1.38 billion, ranking first among all DEXs. However, the futures trading volume of DEXs accounts for only 1.4% of centralized exchanges.
In terms of DEX aggregators, projects like 1inch, Matcha, and OpenOcean have relatively low trading volumes.
2. Lock-up Volume Analysis
Currently, there are 5 DEXs with a total locked value exceeding $1 billion, namely Curve, Uniswap, PancakeSwap, Multichain, and Balancer. Among them, both Curve and Uniswap have locked values exceeding $5 billion, dominating the market. These three DEXs contribute to 1/4 of the total locked value in DeFi.
3. Protocol Revenue
In the top 13 crypto protocols by revenue over the past 7 days, DEXs occupy 6 spots. Among them, Uniswap, PancakeSwap, and GMX generated over $10 million in protocol revenue in 7 days. Three of the 6 DEXs are derivatives trading platforms.
4. DEX Classification
Mainly includes five categories: AMM, cross-chain trading protocols, derivatives trading protocols, stablecoin trading protocols, and DEX aggregators.
Five Major Development Trends of DEX
1. High market concentration
From the perspective of locked-up volume and trading volume, a few DEXs occupy the vast majority of the market share:
2. The proportion of cross-chain and cross-layer trading protocols is rising.
Among the 60 leading DEXs, there are a total of 16 cross-chain and cross-layer protocols, accounting for about 1/4. Mainly including:
3. AMM+NFT has become a new trend
There are mainly two categories:
4. Multi-chain DEX Development
5. The potential of stablecoin and derivatives trading platforms is great.
Future Development Direction
Five directions worth paying attention to:
The overall supply exceeds demand in the DEX track, and new projects need to innovate in terms of mechanisms and functions. Currently, several DEXs are undervalued, and in the long term, DEXs remain an important pillar of DeFi. In the future, the DEX landscape may present a situation where Ethereum dominates with many strong competitors, and the development of L2 network DEXs is worth paying attention to.