DEX Competitive Analysis: Multi-Chain Landscape Q3-Q4 2025

Executive Summary

Overall Market Share by Protocol (Jul-Oct 2025 & Estimates)

* Jupiter and Momentum Finance figures are external market data estimates.

Protocol Volume Distribution by Ecosystem & Chain

* Jupiter and Momentum Finance volumes are external market data estimates.

Daily Volume Trends (Last 30 Days & Estimates)

* Jupiter and Momentum Finance are represented by single-point daily estimates due to data availability.

Competitive Positioning Overview

User & Volume Metrics by Protocol & Chain (Jul-Oct 2025 & Estimates)

* "Estimated" in Data Source column indicates external market data was used.

EVM Dominance

Solana's Alternative

Sui's Rising Star

User Behavior Insights

Multi-Chain Race

Data Methodology

Data Sources & Limitations

This analysis integrates data from multiple sources:

  • Uniswap & PancakeSwap: On-chain data from Flipside Crypto's `CROSSCHAIN.STATS.EZ_DEX_PROTOCOL_METRICS_DAILY` table for July-October 2025. This provides comprehensive metrics for these protocols across various EVM and Solana chains.
  • Jupiter: External market data estimates for October 2025. Jupiter is a prominent DEX aggregator on Solana. For overall volume, a quarterly estimate of $70B is used. For daily trends, a snapshot estimate of $2.34B/day is used.
  • Momentum Finance: External market data estimates for 2025 cumulative figures. Momentum Finance is a rising DEX on the Sui blockchain. A cumulative volume of $18B and 2.1 million users are used as estimates. For daily trends, a snapshot estimate of $1.1B/day is used.

Note: While on-chain data offers high granularity, external market data for Jupiter and Momentum Finance represents aggregated estimates and may not reflect real-time or precise daily on-chain activity due to limitations in direct historical data availability for comparative periods.