Decentralized Exchanges Hit $171 Billion as UniSwap Reclaims Market Leadership

Decentralized exchanges (DEXs) continue to accelerate their rise within the crypto landscape. Over the past week, total trading volume across DEXs reached $171.26 billion, representing a 21% increase in just seven days. According to data from Phoenix Group, decentralized finance (DeFi) is attracting more participants while steadily chipping away at the dominance of centralized platforms (CEXs).

UniSwap Regains the Crown

The spotlight inevitably falls on UniSwap, which has reclaimed its position as the leading DeFi liquidity hub. With $23.46 billion in weekly trading volume and $4.26 billion in total value locked (TVL), UniSwap has reasserted itself at the top of the market after briefly yielding ground to PancakeSwap earlier this summer. Its success is driven by a combination of a seamless user interface, a broadening range of trading pairs, and most importantly, the trust of an active and loyal community that continues to fuel its ecosystem.

By comparison, PancakeSwap posted $15.48 billion in volume over the same period. Despite support from initiatives such as Binance Alpha and PancakeSwap Infinity, its performance has not been enough to overtake UniSwap’s renewed momentum.

Rising Challengers

Beneath the established leaders, a new generation of exchanges is emerging with impressive growth trajectories. Meteora, operating on the Solana network, has quickly become one of the most notable entrants. The platform processed $7.5 billion in weekly volume, boosted by a surge of speculation around the launch of the YZY meme coin, inspired by Kanye West.

Hyperliquid also made waves with $6.82 billion in trading volume, distinguishing itself in the derivatives market. Its proprietary infrastructure, low fees, and ultra-fast execution appeal to both retail traders and institutions exploring decentralized alternatives.

Meanwhile, Aerodrome Finance reported $4.85 billion in weekly activity, benefiting from its recent integration with Coinbase. The partnership highlights a growing trend: DEXs leveraging connections with centralized platforms to gain visibility and credibility, further blurring the lines between the two sectors.

The Shifting Balance Between DEX and CEX

Despite these gains, centralized exchanges still dominate overall trading activity. The ratio of DEX to CEX volumes currently sits at 17.56%, a decline from 27.92% in June. In Q2 alone, CEXs handled $3.9 trillion in trading volume, compared to $877 billion across the top 10 DEXs.

Still, the momentum behind DEXs signals a lasting transformation. Traders increasingly prioritize transparency, self-custody, and security—qualities that decentralized platforms are designed to deliver. While CEXs maintain deeper liquidity, the growth trajectory of DEXs suggests a gradual rebalancing of market power.

In effect, decentralized exchanges are evolving from experimental playgrounds into serious competitors. Their rapid growth underscores a broader shift in the crypto industry, where innovation and decentralization are beginning to rival the scale of centralized giants.