DEX Trading Volume Explodes by Over 9,000x, Fragmenting Crypto Market

The decentralized exchange (DEX) market has grown exponentially over the past seven years, with trading volume increasing by approximately 9,260 times from 2019 to a record $4.7 trillion in 2025.

This rapid growth has led to a highly fragmented market, with liquidity distributed across multiple blockchain networks, venues, protocols, and execution environments.

A report by SwapSpace found that over 90% of its users interacted with more than one blockchain network in 2026, highlighting the multichain nature of the DEX market.

The same report revealed that Ethereum's share of global DEX volume decreased from 46.2% in 2021 to 19.3% in 2025, while Solana accounted for 33.3% and other chains collectively represented 32.1%.