Uniswap leads the way as the top decentralized exchange by weekly trading volume

The decentralized exchange (DEX) market has recently seen significant changes in weekly trading volumes. As of October 23, 2025, the total weekly trading volume of top decentralized exchanges reached $86.18 billion. Despite this large number, a notable decrease of approximately 29.99% in weekly trading volume was observed.

Such a decline is indicative of a more general trend in the DEX market, which can be influenced by a variety of factors, including market sentiment, regulatory changes, and technological changes in the decentralized finance (DeFi) industry.

Uniswap leads with maximum trading volume

Uniswap, a large decentralized exchange in terms of trading volume, continues to dominate with 39.7 billion trading volumes over the past seven days. However, amid the overall market downturn, active trading on Uniswap shows that Uniswap remains the most popular DEX. Total Value Locked (TVL) was $5.44 billion, once again establishing its position in the market.

The liquidity and trading pairs available on Uniswap have attracted a wide range of users and are the foundation of the decentralized financial ecosystem. The use of exchanges is solidified by the fact that different protocols are integrated, facilitating high liquidity and 24-hour trading. Therefore, despite the fluctuations, Uniswap remains a strong participant in the industry, and its lead is likely to continue despite the decline in total weekly trading volume.

PancakeSwap and other exchanges maintain presence

PancakeSwap had the second-highest trading volume over the past week with $17.71 billion. PancakeSwap has a TVL of $2.63 billion and remains the leading platform, enjoying low pricing and high throughput. PancakeSwap, one of the largest exchanges on Binance Smart Chain, attracts several users who want to switch to an Ethereum exchange. The stability of an exchange, even if trading volumes decline, is an indicator of its large user base and relevance in the decentralized exchange market.

Other prominent exchanges on the list include Meteor and Aerodrome, with trading volumes of $8.01 billion and $4.92 billion, respectively. TVL was also good, with $1.08 billion and $825.45 million for Meteor and Aerodrome, respectively. These transactions prove that the DeFi space is constantly changing in its diversity and being outsourced by new platforms. It is gradually being replaced in the market.

Raydium, Orca, Curve, Hyperliquid, and Sushi also occupy the top exchanges, but trading activity and TVL levels vary, meaning the market is competitive and faster rather than slower. A case in point: Curve, which specializes in decentralized trading of stablecoins, recorded a trading volume of $2.4 billion.