Crypto: DEXs Hit $171B in Weekly Trading Volume

Decentralized exchanges (DEX) continue their rapid rise in the crypto universe. Last week, crypto DEXs generated $171.26 billion, showing a 21% increase in seven days. According to Phoenix Group, decentralized finance is attracting more and more traders, reducing the influence of centralized CEX platforms.

UniSwap takes back its throne

Impossible to discuss DEXs without mentioning UniSwap, whose founder also considers Solana more suited than Ethereum for DeFi, marking a notable comeback at the top of the market. With $23.46 billion weekly and $4.26 billion TVL, the platform proves its vitality despite the summer decline. After yielding leadership to PancakeSwap in June-July, UniSwap becomes again the essential DeFi liquidity hub.

Its secret? A smooth interface, expanding pairs, and above all the trust of an engaged crypto community fully supporting its ecosystem. In a market where every detail counts, this trust is an exchange currency rarer than ETH or USDT.

For comparison, PancakeSwap posts a weekly volume of $15.48 billion. Supported by Binance Alpha and PancakeSwap Infinity, performance remains insufficient to dethrone UniSwap in the crypto ecosystem.

The emergence of challengers

Behind the historic giants, a new generation of DEXs is rapidly gaining market share. Among them, Meteora stands out as the revelation of the moment. Operating on the Solana network, the platform recorded $7.5 billion in weekly volume. A spectacular breakthrough fueled by the launch of the YZY meme coin, inspired by Kanye West, which created an unprecedented speculative wave.

In a different register, Hyperliquid stands out with $6.82 billion in volume, specializing in decentralized derivatives products. Its strategy relies on proprietary technology, reduced fees, and ultra-fast execution, appealing both to retail and institutional investors.

Aerodrome Finance, for its part, benefits from its recent integration with Coinbase to attract $4.85 billion in weekly volume. This synergy illustrates an underlying trend. DEXs gain visibility by partnering with centralized players, gradually blurring the lines between the two worlds.

Towards a new balance between CEX and DEX?

While DEX volumes are increasing, the power balance against CEX remains uneven. The DEX/CEX ratio currently stands at 17.56%, far from the 27.92% observed in June. Centralized platforms still weigh heavily, with $3.9 trillion in volumes in Q2, compared to $877 billion for the top 10 DEXs.

Yet, this dynamic reveals an irreversible transformation. Traders seek more transparency, control, and security—qualities embodied by DEXs. Even though CEXs maintain the advantage in gross liquidity, the growing appetite for decentralized alternatives foreshadows a gradual market rebalancing.

In other words, we may be witnessing the beginnings of a reshuffling: DEXs are no longer just innovation labs, but genuine attractive hubs capable of competing with centralized giants.