The crypto market at the beginning of the year began to show signs of a recovery in the price of Bitcoin, now trading around $90,000, which, as a consequence, caused the liquidity that was leaving the market to begin to return. Therefore, one of the interesting points to analyze is which networks and DEXs can benefit from this new influx of liquidity if the scenario remains positive and Bitcoin manages to return above $100,000.
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Which blockchains have been most used by DEXs?
When we talk about DeFi and DEXs, one of the first points to consider is which blockchain networks are being used most, so that we can evaluate various factors. The first of these factors is the gas fee. In some networks, even though it's widely used, the gas fee can be so high that it can become an impediment to compound interest, which would be withdrawing the gains obtained in DEXs and reinvesting them. When the fee is high, it can be greater than the interest received, forcing you to wait a long time to reinvest the interest, hindering gains.
According to Dune's MarketShare chart, currently the blockchain network with the largest share of the DEX market, in terms of volume, is the BNB network from the Binance exchange, with approximately 50% and now more recently reaching 60%. On this network, fees are around $0.1 to $0.3 cents per transaction, which can be quite expensive if your goal is compound interest and the capital is small. This dominance of BNB began around mid-2025, because before that it was around 30%.
Next, we have Ethereum with 30%, being one of the networks with the most expensive fees, around $1-$3 per transaction, and is more geared towards those who will operate with large volumes. Finally, the network that has managed to achieve around 5 to 10% market share is base, another blockchain from an exchange, Coinbase. It's interesting to note that both blockchains have a strong relationship with centralized blockchains.
Which DEXs dominate the market?
After observing the networks that have been most used by DEXs, it's time to look at which DEXs have dominated the DeFi market. The first one, with over 60% market share, meaning it dominates the DEX market in terms of volume, is PancakeSwap. Looking at the 7-day volume, it has 25 times more than the third-placed Aerodromee and 3 times more than the second-placed Uniswap.
Looking at the daily volume chart, we notice some interesting data. The first insight is that PancakeSwap and Uniswap are really well ahead of the competition in terms of volume, clearly visible in the chart, with PancakeSwap in red and Uniswap in pink. Next, an insight/curiosity is that daily trading volumes increased 4x in the days leading up to Christmas. Some of the reasons could be the extra spending on travel and parties.
I believe one of the reasons Pancake Swap dominated the DEX market was its expansion to other networks and its long-standing role as the main DEX of the BNB network, which has dominated the market since mid-2025 with a market share of 50-60%. Additionally, its ease of use and user-friendly interface also contributed.
