Market Overview of DEXs by Weekly Volume

The decentralized exchange (DEX) sector continues to hold a significant share of the global cryptocurrency market. Recent data reveals that DEXs are thriving despite market fluctuations, with PancakeSwap maintaining its dominance as the leader in weekly trading volume. As of March 21, 2025, the total weekly trading volume for decentralized exchanges stood at a robust $45.37 billion. However, the sector has seen a 26.56% decrease in volume compared to the previous week. While the numbers indicate a slight decline, DEXs continue to outpace centralized exchanges (CEXs), holding a 25.54% market share.

TOP #DECENTRALIZED EXCHANGES BY WEEKLY TRADING VOLUME
#PancakeSwap #Uniswap #Raydium #Orca #Curve #Aerodrome #Cetus #Hyperliquid #Camelot pic.twitter.com/SxziLvPT8s

— PHOENIX – Crypto News & Analytics (@pnxgrp) March 21, 2025

According to the Phoenix Group,PancakeSwap continues to lead the decentralized exchange space, with an impressive weekly trading volume of $14.16 billion. The exchange boasts a Total Value Locked (TVL) of $1.98 billion, showcasing its substantial position in the ecosystem. PancakeSwap’s dominance can be attributed to its user-friendly interface, deep liquidity pools, and robust support for a wide range of tokens. Despite the overall downturn in the market, PancakeSwap has proven resilient, maintaining its substantial market share and strong trading activity.

Uniswap, Raydium, Orca, Curve: DEX Leaders

Uniswap follows closely behind PancakeSwap, securing the second spot in the rankings. The platform recorded a weekly trading volume of $8.61 billion, with a TVL of $1.50 billion. Uniswap’s place in the market is supported by its deep liquidity and consistent innovation in the decentralized finance (DeFi) space. The exchange’s user base remains loyal, with its innovative token swapping mechanism being a key feature that drives its volume. While Uniswap has faced a slight decline in volume compared to previous weeks, its position as a market leader is still secure, with many traders relying on its stability.

Raydium, Orca, and Curve follow in the rankings, each demonstrating notable trading activity despite the overall decline in the market. Raydium, with a weekly trading volume of $2.70 billion and a TVL of $346.26 million, continues to serve as a vital liquidity source on the Solana blockchain. Orca and Curve also play essential roles in DeFi, with trading volumes of $2.09 billion and $1.42 billion, respectively. Curve’s innovative algorithmic stablecoin pools and its focus on stablecoin trading has garnered it a solid following, while Orca benefits from its simple interface and liquidity optimization.

Aerodrome, Cetus, Hyperliquid, Camelot: Rising Stars

Aerodrome and Cetus represent the new wave of DEXs that are quickly gaining traction. Aerodrome recorded a trading volume of $1.26 billion with a TVL of $190.29 million. Cetus, a relatively new player, posted a trading volume of $615 million and a TVL of $101.15 million. These platforms are increasingly being seen as reliable alternatives for traders seeking diversity in their decentralized exchange options. Aerodrome’s focus on cross-chain liquidity and Cetus’s competitive fees have contributed to their growing popularity.

Hyperliquid and Camelot are also gaining momentum, with trading volumes of $588 million and $587 million, respectively. While smaller than the leading platforms, these exchanges are capitalizing on specific niches within the DeFi ecosystem. Hyperliquid’s focus on high-frequency trading and Camelot’s community-driven approach to governance are helping them carve out unique positions in the DEX landscape. As the DeFi space continues to evolve, these platforms may play increasingly prominent roles in shaping the future of decentralized finance.

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