OKX Developers

The State of DEXs 2025

Decentralized exchanges (DEXs) have been leading a quiet revolution on crypto, giving people unprecedented control over their trades.

With ample evolution ahead, staying informed is an advantage. That's why we're launching OKX's State of DEXs 2025 report.

Are memecoins more than just a trend? What’s driving Solana DEXs to new heights? How will AI agents behave onchain? Find the answers to these questions and more.




Today’s narratives can become tomorrow’s exit liquidity.

Where are we headed next?

We explore how Solana’s lightning-fast transactions are reshaping liquidity pools, why Ethereum 2.0’s upgrades are critical for scalability, and how decentralized perpetuals are opening new trading possibilities.

Table of Contents
Chapter 1
Chapter 1
DEX Is for the People
Chapter 2
Chapter 2
The DEX Promised Land
Chapter 3
Chapter 3
Solana is drinking the EVM milkshake
Chapter 4
Chapter 4
Ethereum 2.0 and the fight for relevance
Chapter 5
Chapter 5
The rise of decentralized derivatives and DEX chains
Chapter 6
Chapter 6
AI in crypto: beyond the buzzwords
Chapter 7
Chapter 7
A shift in developer dynamics

This report is for reference only. This report is not intended to provide (i) investment advice or investment recommendations; (ii) offers or solicitations to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. We do not guarantee the accuracy, completeness, or usefulness of such information. Holding digital assets (including stablecoins and NFTs) involves high risk and may fluctuate significantly. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. Please consult your legal/tax/investment professional for advice on your specific circumstances. You are responsible for understanding and complying with applicable laws and regulations in your local area.






OKX Developers

The State of DEXs 2025