PR Newswire
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Report also finds that Asia leads Europe and North America in the developer wars with AI integration a key focus of the industry’s builders
OKX, a global onchain technology company, released its “The State of DEXs 2025” report, revealing that Solana-based DEXs now command 48% of total DEX trading volume, while Ethereum has emerged as the dominant network for institutional trades exceeding $50,000 USD. The report, which was reviewed by some of the premier firms in crypto including 1inch, Uniswap and Dune, details significant shifts in decentralized exchange (DEX) adoption patterns and market dynamics.
DEXs have rapidly evolved from alternative trading venues to become a central force in the crypto industry, driving innovation, accessibility and decentralization. OKX’s report explores the critical challenges of liquidity and market structure, while examining how derivatives, AI integration and the competitive dynamics between Solana and Ethereum will shape the future of decentralized trading. This analysis aims to help onchain traders and builders navigate opportunities while understanding key technical and operational challenges ahead.
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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 USD
- 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
OKX Chief Innovation Officer Jason Lau said: “Decentralized Exchanges are the lifeblood of the onchain economy, embodying the core ethos of crypto through their permissionless, self-custodial, and community-driven nature. Our findings reveal how the DEX landscape has grown – with activity recently hitting all-time highs. This report details how Solana and Ethereum each serve distinct trading demographics, while AI integration and advanced derivatives infrastructure are showcasing what’s to come. We hope this report provides builders and traders with actionable insights to contribute to this vital pillar of the crypto ecosystem.”
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