Analysis of the Current Status and Future Trends of the DEX Industry

The DEX (Decentralized Exchange) industry is developing rapidly, and currently presents the following main trends:

1. The market concentration is high. A few leading DEXs occupy the vast majority of the market share, both in terms of locked value and trading volume.

2. The proportion of cross-chain and cross-layer trading protocols is increasing. In leading DEXs, about 1/4 belong to cross-chain or cross-layer trading protocols, reflecting the mainstream development direction of DeFi.

3. AMM+NFT has become a new trend. Some DEXs have begun to attempt to integrate NFT trading functions into the AMM mechanism.

4. Each public chain has its own top DEXs. DEXs on the Ethereum chain still dominate, but native DEXs on new public chains are developing rapidly.

5. The potential of stablecoin trading platforms and derivatives trading platforms is immense. In the current market environment, these two types of DEX have significant growth potential.

The future directions worth paying attention to in the DEX industry include:

• Established Ethereum-based DEX
• Cross-chain DEX
• Stablecoin Trading Protocol
• Cosmos Ecosystem DEX
• New Public Chain DEX

DEX, as an important infrastructure in DeFi, still has a promising long-term development outlook. The industry landscape shows a "one super and many strong" situation, with the Ethereum chain still holding a dominant position, while other public chains are also actively making arrangements. The development of L2 networks is expected to bring new growth momentum to DEX.