The Near blockchain's decentralized exchange ecosystem shows remarkable growth and concentration, with v2.ref-finance.near dominating 99.6% of swap volume at $1.02B and processing 12.2M swaps. User engagement is significant, with 1,010,266 unique swappers predominantly executing small-value trades under $1M, and swap transactions surging 845% from 152,407 to 1,439,993 monthly between January and June 2024. Stablecoin transactions drive liquidity, with $679.8M in stablecoin-to-stablecoin trades and the wNEAR-USDt pair representing 31.5% of top swap routes.