According to the OKX State of DEXs 2025 report, Solana has captured 50% of the decentralized exchange (DEX) market share. This is driven by retail trading activity and low transaction costs. Solana's retail-first focus, low fees, fast transaction speeds, and robust ecosystem of platforms have attracted everyday traders. Jupiter and Raydium have played a pivotal role in fueling Solana's growth. However, Ethereum still holds an edge in liquidity depth. The report also addresses challenges and innovations within the DEX ecosystem, such as liquidity fragmentation and efforts to consolidate liquidity across chains. The rise of new app-specific chains and the use of AI tools in liquidity management and trading automation are also discussed. The report highlights the ongoing evolution of cross-chain interoperability and the geographic shift in developer activity towards Asia. Finally, it emphasizes the transformative potential of AI in DeFi for liquidity management and creating new incentive models.



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