Ethereum's Top DEXs: Uniswap Leads the Pack, But Curve and CoW Swap Gain Ground

Ethereum remains a crucial network for decentralized trading, and several DEXs stand out in 2026. Uniswap is still the benchmark Ethereum DEX, with approximately $757.69 million in total value locked, including about $548.6 million on Ethereum. Its V4 protocol processed roughly $22.63 billion in trading volume over the past 30 days and generated $38.03 million in fees.

Curve Finance is particularly important for stablecoin swaps due to its specialized pricing model that can reduce slippage compared to general-purpose AMMs. Curve currently has approximately $1.268 billion in TVL, with about $1.2 billion sitting on Ethereum, and generated roughly $1.51 million in fees over a recent 30-day period.

CoW Swap takes a different approach by using batch auctions and solver competition instead of relying exclusively on one liquidity pool. This design aims to improve execution and protect traders from certain forms of MEV. Over the past 30 days, CoWSwap generated $1.25 million in fees, with $602,513 being protocol revenue.

PancakeSwap is a multi-chain DEX that has developed a presence on Ethereum, holding roughly $287.98 million in TVL across networks, including about $28.11 million on Ethereum. Balancer offers customizable liquidity pools but users should be aware of its security history, which includes a November 2025 exploit affecting Balancer V2 across several networks with approximately $128 million involved.