Key Takeaways
- Solana instructions 50% of DEX quantity, pushed by retail adoption, low charges, and platforms like Jupiter and Raydium.
- The report highlights Ethereum’s liquidity depth, challenges of liquidity fragmentation, and the rising function of AI and derivatives in DeFi.
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Solana has captured 50% of decentralized trade (DEX) market share, pushed by retail buying and selling exercise and low transaction prices, in line with the OKX State of DEXs 2025 report.
“The trajectory of DEX progress we’ve seen over the previous 12 months is one thing I anticipate to proceed in 2025. Solana (with 48% of general DEX quantity) and Solana meme cash have been driving a lot of this progress,” stated Jason Lau, Chief Innovation Officer at OKX.
He pointed to the growing mixing of custodial and on-chain experiences as a key driver for broader DEX adoption.
Solana’s retail-first focus units it aside, with low charges, quick transaction speeds, and a strong ecosystem of platforms attracting on a regular basis merchants.
Jupiter, a DEX aggregator liable for 70% of Solana’s transaction quantity, and Raydium, a number one liquidity supplier, have been pivotal in fueling this progress.
Jason Lau famous that Solana’s dominance in DEX and meme coin buying and selling stems from its sturdy ecosystem of token launch platforms and aggressive DEXs, with three of the highest 5 working on Solana.
Nevertheless, he identified that Ethereum maintains an edge in liquidity depth, holding 10 of the highest 20 world liquidity pool spots, in comparison with Solana’s 1.
Lau added that because the market evolves, these differing strengths will outline how buying and selling use instances develop.
The report additionally addresses challenges and improvements throughout the DEX ecosystem.
Liquidity fragmentation stays a urgent difficulty, however platforms like Polygon’s Agglayer and OKX’s DEX aggregator purpose to consolidate liquidity throughout chains.
Jason Lau defined that “aggregators like Jupiter, which instructions 70% of aggregator quantity on Solana, present how environment friendly routing and considerate design can successfully consolidate fragmented liquidity and drive consumer adoption.”
Equally, the OKX DEX aggregator performs an important function in streamlining entry to liquidity throughout greater than 30 chains, additional addressing fragmentation within the DeFi ecosystem, Lau added.
Efforts like OP’s Superchain ecosystem and Polygon’s Agglayer are additionally enhancing interoperability and liquidity fluidity.
These developments sign a shift towards a extra interconnected and complex DeFi panorama.
The report additionally explored the rise of latest app-specific chains, with platforms like Hyperliquid and dYdX leveraging these architectures to boost effectivity and velocity.
On the similar time, AI instruments similar to AIXBT and ElizaOS are pushing the boundaries of liquidity administration and buying and selling automation, additional reworking the ecosystem.
Lau commented that AI in DeFi, although nonetheless in its early phases, has the potential to supply superior knowledge evaluation and allow automated decision-making, considerably bettering effectivity throughout the ecosystem.
The OKX State of DEXs 2025 report additionally explores the broader dynamics shaping the decentralized trade ecosystem.
It highlights the continued evolution of cross-chain interoperability, with improvements like LayerZero’s lzRead enabling real-time cross-chain knowledge queries with out triggering state adjustments.
The report emphasizes a geographic shift in developer exercise, with Asia now surpassing North America because the main area for blockchain innovation, contributing 32% of energetic builders.
Moreover, it underscores the transformative potential of AI in DeFi, not just for liquidity administration but additionally for creating solely new incentive fashions by tokenized AI protocols.
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