OKX has released a comprehensive report, “The State of DEXs 2025,” which provides an in-depth analysis of the evolving decentralized exchange (DEX) landscape and its role in shaping the on-chain economy.
The report highlights the rapid growth of DEXs, driven by innovation, accessibility, and decentralization.
Key findings from the report include:
- Solana-based DEXs have surged in popularity, accounting for 48% of total DEX volume, driven primarily by retail trader activity.
- Ethereum maintains its dominance among whales and institutional traders for large-scale trades exceeding $50,000.
- The report identifies critical liquidity challenges and innovative solutions, such as Raydium’s market-making models and Uniswap’s evolving design.
- The intersection of blockchain and AI (Crypto X AI) is transforming the industry, creating new opportunities while raising important security and IP considerations.
The report also provides insights into the competitive dynamics between Solana and Ethereum, with Solana leading in overall DEX volume and Ethereum dominating high-value trades.
Additionally, the report highlights the growing importance of AI integration, with 33.9% of builder activity focused on AI integration.
Other key findings include:
- Ethereum leads in liquidity pool quality, with 10 of the top 20 spots. – Asia leads Europe and North America in the developer wars, with AI integration a key focus.
- DEX derivatives are breaking new ground, with innovations from Hyperliquid and dYdX’s appchain.
- Tokenized T-Bills and basis trading assets are emerging as yield-bearing base currencies, fundamentally changing the derivatives landscape.
Overall, the report provides valuable insights into the rapidly evolving DEX landscape and its role in shaping the on-chain economy. DeFi or decentralized finance is expected to grow steadily in the coming years and many platforms and services are already being integrated with TradFi apps.
With the rise of stablecoins (digital tokens pegged to major fiat currencies like the US Dollar and Euro) like USDC and USDT, it’s now possible to carry out more seamless digital transactions which are more efficient and economical.