——A comprehensive analysis from users, revenue to token value*
1. Why talk about DEX: the data has already provided the answer.
If we say that 2020–2021 was just a 'trial period' for DEX, then 2024–2025 is the stage where it truly establishes its presence:
CEX spot quarterly trading volume remains massive, but the share of DEX spot trading volume continues to rise, with the DEX/CEX ratio reaching a new high in this cycle.
The growth rate of perpetual contract perp DEX is even more exaggerated: it is not uncommon for monthly transactions to exceed one trillion USD and daily average transactions to approach one hundred billion USD.
At the same time, at the specific protocol level:
Uniswap's total cumulative trading volume has long surpassed several trillion dollars, and the annual swap count is approaching 1 billion.
Curve's recent quarterly trading volume has reached hundreds of billions of dollars, with transaction counts also reaching millions.
Simply put: DEX is no longer a "niche toy for fun" but a real infrastructure that devours the market share of CEX.
But here comes the problem —
With so many DEXs, which one is stronger? How should we view this?
This article dissects the current leading DEXs from dimensions like active users, trading volume & depth, protocol revenue, profit model, and token value capture.
Spot AMM: Uniswap, PancakeSwap, Curve, etc.
Perpetual contract DEX: dYdX, Hyperliquid, Solana ecosystem Jupiter, etc.
By the way, let's talk about: Are their tokens really "eating meat" or are they more of a "ticket + narrative"?
2. First, let’s build a framework: When looking at DEX, at least consider these dimensions
How strong is a DEX? You can first filter through these questions:
In which track is it located?
Spot AMM: Uniswap / PancakeSwap / Curve / Raydium …
Perpetual contract perp: dYdX / Hyperliquid / GMX / Jupiter Perps …
What is the actual usage situation?
Daily / Monthly trading volume (volume)
Number of transactions, active addresses, on-chain interaction frequency
Multi-chain deployment & ecosystem spillover ability
Is it profitable? Who is making money?
Total fees (fees)
Protocol revenue (protocol revenue)
Revenue distribution: to LPs, to the treasury, to token holders?
What is the logic behind the value capture of tokens?
Pure governance? Or are there fee-sharing / buyback and burn?
Inflation / emission pace? Is there a risk of "long-term dilution"?
Safety & sustainability?
Contract security records
Governance structure (degree of decentralization of DAO, single point of failure risk)
Data authenticity (is there "wash trading," "ghost TVL")
Next, let's expand on three levels: "Spot AMM → Perpetual Contract DEX → Token Value."
3. Comparison of leading spot DEXs: Uniswap, Pancake, and Curve each have their own track.
1. Uniswap: The king of multi-chain spot trading, trying to "truly give UNI dividends."
Positioning: A leading multi-chain AMM, the "benchmark" for spot DEX.
Data side:
In various statistics, Uniswap has long maintained the top spot in daily trading volume, with 24h trading consistently above one billion.
Annual fee scale is at the level of tens of billions of dollars, with the 30-day cumulative fee easily exceeding 100 million.
Cumulative trading volume has long surpassed several trillion dollars.
User side:
The annual swap count is close to 1 billion, with activity and usage frequency leading all DEXs by a wide margin.
Deployment networks have expanded from Ethereum L1 to various L2s, sidechains, and Rollups, essentially belonging to the "standard DEX infrastructure of EVM."
Business model & revenue distribution:
Traditionally, Uniswap's fees are mainly distributed to LPs, and the protocol itself "does not collect taxes," so UNI holders have not had direct dividend rights for a long time.
But the biggest change in recent years is:
The official plan to promote the fee switch + UNI buyback and burn + treasury reform is ready to officially open the protocol fee switch for UNI: part of the protocol revenue will be used for the buyback & burning of UNI, making UNI more directly bound to the protocol revenue.
In summary:
"Users + ecosystem + brand + scale" are comprehensively first, transitioning from "only providing LP dividends" to "UNI truly capturing protocol revenue."
2. PancakeSwap: The king of "fireworks" in the BSC ecosystem.
Positioning: A leading DEX on the BNB Chain (BSC), with both DEX + Launchpad + GameFi entry attributes.
Data side:
In the daily trading leaderboard of DEX, PancakeSwap usually ranks alongside Uniswap in the top two, with 24h trading often at the level of tens of billions of dollars.
Characteristics:
Targets the more "retail / grassroots users" in the BSC ecosystem, with low fees, fast listings, and diverse play options.
Often tied to various memes, GameFi, chain games, and early projects, having a stronger bearing on "speculative sentiment."
Token CAKE:
Early high inflation + high annual incentives have gradually tightened emissions, increased fee buybacks and burns, and enhanced "value support feeling."
The problem faced is: The selling pressure caused by historical high inflation needs to be digested with time and real income.
In summary:
"If Uniswap is a serious exchange, Pancake is more like a comprehensive entertainment DEX playground in the BSC ecosystem."
3. Curve: Evolving from a "stablecoin DEX" into a "DeFi liquidity reservoir."
Positioning: A DEX known for low slippage exchanges with stablecoins and homogeneous assets is a key piece in the liquidity puzzle of various DeFi protocols.
Data side:
Quarterly trading volume is at the level of hundreds of billions of dollars, with millions of trades occurring quarterly.
Annualized fees are approximately at the level of tens of millions of dollars, with protocol revenue also in the millions.
Business model & token value:
Curve's design is quite unique: part of the trading fees goes to LPs, while another part is distributed to holders of locked CRV through veCRV;
CRV inflation has been continuously lowered in recent years, with the overall inflation rate now down to single digits, which is beneficial for enhancing long-term holding willingness.
Strategic Position:
Curve's pools are not only places for user trading but also the underlying for many protocols (stablecoin protocols, yield aggregators, leveraged mining) to place orders and mine.
More and more research sees Curve as "DeFi liquidity infrastructure / reservoir."
In summary:
"Curve may not be the DEX you directly place orders with, but it is likely the liquidity pool you indirectly use the most."
4. Perpetual contract DEX: dYdX, Hyperliquid, etc. are engaged in the "high leverage war."
Spot DEX solves the issue of "currency exchange," while perpetual contract DEX meets the demand for "leveraging long and short positions." This area, originally dominated by CEX (such as Binance Futures), is now being rapidly devoured by perp DEXs:
The annual trading volume of perp DEX has recently surpassed one trillion dollars, and monthly and daily trading volumes continue to hit new highs.
1. dYdX: Established perp DEX, now beginning to pursue a "compliance + multi-market" route.
Positioning: Evolving from an order-book style perp DEX based on Ethereum / StarkEx to an independent public chain dYdX Chain based on Cosmos SDK.
Data side:
The annual trading volume is at the level of hundreds of billions of dollars, firmly maintaining its position in the first tier of perp DEXs.
Annualized fees are at the level of tens of millions of dollars, with part used to buy back & burn DYDX tokens.
Token value capture:
Under the dYdX Chain model, the protocol will introduce part of the fees into the buyback/burn mechanism, forming long-term and continuous value return.
Compliance & market expansion:
The team continuously emphasizes "following compliance routes" and attempts to enter more regulatory-friendly markets, even considering starting with spot trading before moving to perp.
In summary:
"From technical geek perp DEX, moving towards 'regular army exchange + compliance.'"
2. Hyperliquid: Data, speed, and token economics are all very aggressive.
Positioning: A self-developed high-performance L1 perp DEX, focusing on "ultra-high performance matching + strong token buyback."
Data side:
Monthly derivatives trading is at the level of hundreds of billions of dollars, with daily peak trading reaching hundreds of billions of dollars.
TVL and open interest contracts are also at the level of tens of billions of dollars.
Revenue & token economics:
Calculations show that Hyperliquid's annual revenue has already exceeded the level of one billion dollars.
The vast majority (nearly 97%) of the fees will enter an automatic "rescue fund" to buy back HYPE tokens in the secondary market.
Simply put: "Almost all money goes to buybacks for tokens + support."
Risks:
This model heavily relies on sustained high trading volume. Once the market cools down and revenue decreases, the buyback rhythm will be significantly affected.
"High buyback + high growth" narratives can amplify token downtrends once they reverse.
In summary:
"Currently, one of the most aggressive business model samples in perp DEX, with high revenue and aggressive buybacks, but also highly dependent on sustained trading."
3. Solana ecosystem: Jupiter and others are building "low-latency chain + DEX infrastructure."
Jupiter (including spot & perps modules):
In the Solana ecosystem, Jupiter is both a routing aggregator and an important player in perp DEX.
Relying on Solana's high TPS and low latency, Jupiter has a natural advantage in high-frequency trading, path optimization, and depth aggregation.
The daily trading volume of the perpetual module is at the level of hundreds of millions of dollars, with cumulative trading reaching hundreds of billions of dollars.
In summary:
"If you are betting on the Solana ecosystem, Jupiter is almost unavoidable in the local DEX infrastructure."
5. Let's take another look at the tokens: Who is really "eating meat," and who is more about "narrative and tickets."
Here, we do not make "price predictions," but simply categorize from the perspective of mechanisms & value capture logic (the following are simplified descriptions):
1. UNI (Uniswap)
In the early stages: Mainly a governance token, with protocol revenue not directly distributed to token holders.
Recently: Once the fee switch / buyback and burn / treasury reform plan is fully implemented, UNI will become an asset directly linked to protocol revenue: part of the fees will be converted into UNI buybacks & burns.
Keywords: Leader, high protocol revenue ceiling, reform just beginning.
2. CAKE (PancakeSwap)
Core logic: Fees are distributed to LPs + Buyback & Burn supports CAKE prices;
Also plays the role of "participation ticket" for Launchpad, chain games, and various events.
Risks: The selling pressure from early high inflation is still in a digestion phase;
More real and sustainable protocol revenue is needed to support long-term value.
Keywords: BSC grassroots ecosystem + platform token in tightening inflation.
3. CRV (Curve)
The veCRV model: Locking CRV can obtain trading fee shares + governance rights + boosts;
With the overlay of the "Curve War," CRV has become a "governance bargaining chip" fought over among many protocols.
Inflation: In recent years, the inflation rate has been continuously lowered, reducing long-term selling pressure and being friendlier to long-term holders.
Keywords: Clear revenue sharing, inflation gradually being controlled, complex models but clear underlying logic.
4. DYDX (dYdX)
Gradually transforming from "CEX-style tokens" into a hybrid of "on-chain protocol revenue + buyback and burn": part of the fees are used to burn DYDX;
The overall scale expansion of perp DEXs highly relies on whether DYDX can maintain its market share in fierce competition.
Keywords: Compliance potential + perp leader + revenue buyback.
5. HYPE (Hyperliquid)
An extreme model where "all revenue is fed to tokens": about 97% of fees automatically enter the fund pool to buy HYPE in the secondary market.
Benefits: During high revenue periods, the buyback rhythm is very considerable and can significantly support token prices.
Hidden concerns: Sensitive to trading heat, once trading volume shrinks, the buyback "faucet" will also shrink.
Highly dependent on market sentiment, with risks of amplified cyclical fluctuations.
Keywords: High-risk, high-leverage "business model experiments."
6. How to use this article to judge "which DEX is stronger"?
If we had to give a unified ranking, it could easily mislead people because:
For ordinary users: You might be more concerned about which is user-friendly, has fast listings, low slippage, and cheap gas;
For professional traders: You will pay attention to depth, limit order experience, matching delays, and risk control;
For long-term investors: You care more about protocol revenue, token value capture logic, and governance structure.
So a more reasonable conclusion is:
Leading spot AMM:
Uniswap: The strongest overall strength, the greatest ecological influence, and the highest protocol revenue. After the fee switch, UNI's financial attributes will be further enhanced;
PancakeSwap: The traffic entrance of the BSC ecosystem, suitable for grassroots players and low gas users;
Curve: It is the "liquidity reservoir" for many DeFi protocols, having a profound impact on the stablecoin ecosystem.
Perp DEX leader:
dYdX: A well-established perp DEX with mature technology and moving towards compliance;
Hyperliquid: A "model innovation player" with extremely aggressive revenue and buyback strategies;
Jupiter and other Solana systems: Relying on low-latency chains to compete for the future of high-frequency trading and on-chain quantification.
As an ordinary investor/user, you should be more concerned about:
Is the actual trading and usage data long-term stable, rather than being periodically inflated;
Is the protocol revenue large enough and sustainable enough?
Does the token have a clear and credible value capture path (dividends / buybacks / equity, etc.);
Whether you really need a high-leverage, high-risk scenario.
7. Final summary:
"Which one is stronger" has no unified answer, only "which one is more suitable for you."
If you are an on-chain DeFi player: Uniswap + Pancake + Curve are basically essential.
If you are a perp high-frequency player: dYdX / Hyperliquid / Solana ecosystem perp may be your main battlefield;
If you are a long-term asset allocator: It is recommended that you focus your energy on: Who has sustained revenue;
Whose token can really capture that part of the revenue;
Whose risks and governance structures are relatively controllable.
Regardless of which DEX it is, what really determines your long-term returns is not "which one surged the most that summer," but —
Will it still exist in the next few cycles?
The money it earns, is some of it steadily falling into the asset you hold.
