# DEX Market Exhibits Robust Growth into Early 2025
The decentralized exchange (DEX) market has continued its vigorous expansion into early 2025, with notable performances from leading platforms such as Uniswap, Raydium, PancakeSwap, Aerodrome, and Meteora.
# Uniswap V3 Experiences Rapid Growth on Base Chain
According to OurNetwork, Uniswap V3 attracted over 21 million new users on the Base chain throughout 2024, showcasing its rapid growth. The platform’s usage extended across major Layer 2 (L2) chains, including Arbitrum, Polygon, Optimism, and Binance Smart Chain (BSC). On November 23, 2024, the number of new traders surpassed 400,000, marking a peak, with 75% of new traders active on the Base chain. Base recorded over $28 million in fee revenue for 2024, outpacing other L2 chains.
Arbitrum maintained the highest number of active liquidity providers (LPs) at 88,050, with the WETH/USDC pool being a primary hub for new liquidity provision.
# Uniswap V4 Launches with Advanced Customization Features
On January 31, 2025, Uniswap V4 was introduced, implementing the new Hooks system to enhance liquidity pool customization. This innovation allows for dynamic transaction fee adjustments, native ETH usage, and alternatives to the concentrated liquidity model.
# Raydium’s Soaring Growth on Solana
Raydium emerged as one of the strongest DEXs in early 2025, recording a transaction volume of $166.6 billion in January alone. This growth aligns with the expansion of Solana’s DeFi ecosystem, where Raydium accounts for 56.6% of DEX trading volume. OurNetwork reports that 12% of Raydium’s transaction fees are devoted to RAY token buybacks. In 2024, RAY buybacks amounted to approximately $92 million, with $54 million executed in January 2025. Raydium also dominates AI token transactions, holding a 65.3% market share in the new asset issuance segment.
# PancakeSwap Strengthens Multichain Strategy and CAKE Deflation Model
PancakeSwap executed its multichain strategy effectively, achieving a monthly transaction volume of $50 billion in early 2025. The CAKE token burn mechanism is central to its deflation model, with a total of 11 million CAKE tokens burned over the past 12 months. PancakeSwap operates across nine chains, including BNB Chain, with Aptos and Ethereum emerging as key CAKE bridge platforms. Notably, Aptos has bridged 6.4 million CAKE tokens, the highest to date.
OurNetwork highlights the Cakepie project as the largest veCAKE holder, locking 13 million CAKE tokens and securing 50.2% of veCAKE voting power. This reinforcement boosts Cakepie’s and CKP token’s competitive edge in the bribe market.
# Aerodrome Reigns Supreme on Base DEX
Aerodrome maintained its leadership among Base DEXs, recording a transaction volume of $153 billion throughout 2024, according to OurNetwork. The introduction of the Slipstream version heightened transaction volume by minimizing slippage and supporting large-scale trades. Aerodrome manages over 1,000 liquidity pools, with the USDC-WETH pool achieving an $80 billion transaction volume, making it the most active pool. On January 20, 2025, Aerodrome set a new daily transaction volume record of $1.68 billion.
# Meteora Emerges as a Major Revenue Source in Solana DeFi
Meteora has generated cumulative revenues of $769.35 million in 2025, playing a significant role in the Solana DeFi ecosystem. Transaction volumes surged from October 2024, driven by the introduction of the TRUMP token on January 18, 2025. OurNetwork notes that Meteora’s Total Value Locked (TVL) has considerably increased, coinciding with the rise in transaction volumes.
# Intensified Competition Anticipated in 2025 DEX Market
OurNetwork forecasts that the DEX market will further expand through platform competition and innovation in early 2025. Platforms based on Base and Solana are showing notable growth and achievements in the DeFi market. The market’s attention remains on the potential impacts of new releases like Uniswap V4, PancakeSwap V4, and Aerodrome’s Slipstream feature.
