Svmuu News The market landscape for DEX aggregators on Ethereum is shifting, moving from a structure dominated by a single protocol in the past to a more fragmented competitive landscape.
Currently, Kyber Network holds the top position with approximately 31% market share, followed closely by CowSwap at around 22%, while 1inch's share has dropped from about 30% to 15%.
Analysis suggests this change is related to the ebb of early liquidity mining incentives and also reflects a gradual shift in user behavior from being "incentive-driven" to being driven by "real trading experience."
It is worth noting that the statistics only include transactions initiated directly through the aggregators and do not fully reflect the actual influence of protocols serving as underlying routing infrastructure.