LighterLIT: $834 million decentralized finance (DeFi), derivatives
PancakeSwapCAKE: $661 million exchange-based tokens, decentralized finance (DeFi)
Market cap is price times coins in circulation, from CoinGecko. The small words beside each coin are CoinGecko's own tags. A size ranking, not a pick.
What is DEX crypto?
DEX crypto coins are the coins CoinGecko tags as Decentralized Exchange (DEX), Automated Market Maker (AMM) or Dexs. Each coin sits in one theme only: the first, most specific one its tags match. We track 38 DEX coins, 30 of them rated below.
Bottom line
Curve DAO ranks first for research priority in DEX crypto at 66.9/100, and its native activity evidence clears the coverage gate. The theme's 13-week excess versus Bitcoin is +0.6% on 41% breadth, which is what decides whether that lead is isolated or broad. 10 of the 30 assets here carry enough native evidence to move past a price-led label.
These DEX coins are part of the cryptocurrency universe this site tracks daily: the top 1,000 coins by market cap when the list was built, priced from exchange closes where we have a price we trust, and matched to protocol fees and revenue where a protocol publishes them.
The theme itself · before any single company
How has DEX moved against Bitcoin?
The line below covers up to 5 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this theme is 28% behind Bitcoin. Protocol revenue across its protocols fell 6% on average over the last four reported quarters. It has been ahead of Bitcoin on a rolling three-month view for 30 weeks running.
LEADER · ahead 30w⚠Price down, no fundamental support13 of 32 coins ahead of Bitcoin by 5% or more over three months
Ahead of Bitcoin for 30 weeks running; 16/31 >200d (−3); 13 of 32 ahead of Bitcoin by 5% or more over three months (no change on four weeks earlier).
DEX, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
DEX, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
DEX, equal-weighted, based at 200Bitcoin, same base, same starttrailing 12-month protocol revenue risingfalling
Both lines start at 200 in the same week, so the gap between them tells the story: the theme line is an equal-weighted index of its 32 coins. The bars underneath are trailing 12-month protocol revenue, one bar per reported quarter, each member set to 100 at the start and the theme taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns red when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while protocol revenue grew 20% or more. Hover or tap any point to read both values and the gap.
BTC LED market context
DEX vs Bitcoin: Relative Strength & Breadth
DEX crypto has outperformed Bitcoin by 1.9% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is +0.6%. 12 of 29 covered assets are above their own 200-day average. Raydium leads Bitcoin-relative strength at +148.1%. Price readings are as of 2026-10-30.
+0.6%13 weeks vs Bitcoin
+2.0%52 weeks vs Bitcoin
12 of 29above their 200-day average
RAYfurthest ahead of Bitcoin · +148%
Assets
30
canonical functional membership
Activity-covered
10/30
enough native evidence
Top score
66.9/100
Curve DAO
Calendar quarters
20
complete; missing stays missing
Global asset selection · top 20 shown
Showing 20 of 30 assets
00 · exact additive research priority
4-Factor Crypto Evidence Score
A within-theme research-priority score for the 30 assets in DEX, out of 100. The four displayed point contributions add exactly to the total, and the market regime changes the action label, never the arithmetic. Curve DAO is highest at 66.9/100 on 95% evidence. It ranks research attention, not portfolio action.
Curve DAO leads the current research queue at 66.9/100 with 95% evidence.
10 of 30 assets have enough native activity evidence to move beyond a price-led label.
8 of the 38 DEX coins are not rated this week: 8 report no traded volume. They are listed in full below the ranking.
Missing native metrics are not scored as zero and are not silently reweighted. They pull only the affected factor toward neutral and lower its visible evidence percentage. An asset with nothing measurable at all is not scored at 50 either: it is listed as not rated.
1. Curve DAO · CRV
66.9/100 · Better than most · 95% evidence
Exact sum: 26.5 + 21.7 + 7.9 + 10.8 = 66.9
What it means: Price and network use both point up.
vs Bitcoin (90 days): +148 pts · vs its theme (30 days): +3.6 pts · above its 200-day average
100% evidence
4.4/30Usage growth
Fees -85.5% · revenue -72.9% · users —
83% evidence
12.1/20Value capture
Fee yield 31.29% · revenue yield 4.65%
100% evidence
9.6/15Liquidity & risk
Typical daily trading: $49.6M · price swings: 105.3% a year
100% evidence
6. DODO · DODO
56.8/100 · Price-led, little network data · 50% evidence
Exact sum: 24.5 + 15.0 + 10.0 + 7.3 = 56.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −2.8 pts · vs its theme (30 days): +37.2 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
7.3/15Liquidity & risk
Typical daily trading: $6.1M · price swings: 92.8% a year
100% evidence
7. Magma Finance · MAGMA
56.2/100 · Thinly traded · 50% evidence
Exact sum: 28.2 + 15.0 + 10.0 + 3.0 = 56.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +10.5 pts · vs its theme (30 days): +114 pts · above its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
3.0/15Liquidity & risk
Typical daily trading: $1.3M · price swings: 347.3% a year
100% evidence
8. Aster · ASTER
54.4/100 · Price-led, little network data · 43% evidence
Exact sum: 16.7 + 15.0 + 10.0 + 12.7 = 54.4
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +6.5 pts · vs its theme (30 days): −8.2 pts · below its 200-day average
100% evidence
14.4/30Usage growth
Fees 17.7% · revenue 17.6% · users —
83% evidence
10.4/20Value capture
Fee yield 30.61% · revenue yield 5.1%
100% evidence
10.1/15Liquidity & risk
Typical daily trading: $11.2M · price swings: 65.7% a year
100% evidence
11. Elephant Money · ELEPHANT
51.4/100 · Thinly traded · 19% evidence
Exact sum: 21.0 + 15.0 + 10.0 + 5.4 = 51.4
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): — · vs its theme (30 days): — · above its 200-day average
20% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
5.4/15Liquidity & risk
Typical daily trading: $8.1K · price swings: —
80% evidence
12. 0x Protocol · ZRX
50.2/100 · Thinly traded · 50% evidence
Exact sum: 17.0 + 15.0 + 10.0 + 8.2 = 50.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +68.1 pts · vs its theme (30 days): +61.2 pts · above its 200-day average
100% evidence
4.4/30Usage growth
Fees -63.9% · revenue -77.5% · users —
83% evidence
4.5/20Value capture
Fee yield 12.78% · revenue yield 3.92%
100% evidence
6.5/15Liquidity & risk
Typical daily trading: $2.6M · price swings: 212.2% a year
100% evidence
15. Cetus Protocol · CETUS
47.2/100 · Thinly traded · 50% evidence
Exact sum: 15.9 + 15.0 + 10.0 + 6.3 = 47.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −0.3 pts · vs its theme (30 days): −4.6 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
6.3/15Liquidity & risk
Typical daily trading: $1.8M · price swings: 61.9% a year
100% evidence
16. Baseline · B
47.2/100 · Thinly traded · 37% evidence
Exact sum: 17.3 + 15.6 + 10.0 + 4.3 = 47.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −6.3 pts · vs its theme (30 days): +2.3 pts · 200-day average: —
57% evidence
15.6/30Usage growth
Fees — · revenue — · users —
17% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
4.3/15Liquidity & risk
Typical daily trading: $200 · price swings: —
80% evidence
17. Kyber Network Crystal · KNC
47.1/100 · Thinly traded · 50% evidence
Exact sum: 14.3 + 15.0 + 10.0 + 7.8 = 47.1
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +10.1 pts · vs its theme (30 days): −3.1 pts · above its 200-day average
100% evidence
6.4/30Usage growth
Fees -55.1% · revenue -54.6% · users —
83% evidence
6.5/20Value capture
Fee yield 5.27% · revenue yield 5.15%
100% evidence
9.8/15Liquidity & risk
Typical daily trading: $25.8M · price swings: 76.5% a year
100% evidence
19. Bancor Network · BNT
45.7/100 · Thinly traded · 50% evidence
Exact sum: 13.0 + 15.0 + 10.0 + 7.7 = 45.7
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −12.5 pts · vs its theme (30 days): +2.5 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
7.7/15Liquidity & risk
Typical daily trading: $1.5M · price swings: 41.4% a year
100% evidence
20. 1INCH · 1INCH
41.6/100 · Thinly traded · 55% evidence
Exact sum: 8.3 + 13.5 + 10.0 + 9.8 = 41.6
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −23.9 pts · vs its theme (30 days): −1.3 pts · below its 200-day average
100% evidence
13.5/30Usage growth
Fees — · revenue — · users —
17% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
9.8/15Liquidity & risk
Typical daily trading: $4.7M · price swings: 45% a year
100% evidence
21. Gnosis · GNO
41.2/100 · Thinly traded · 50% evidence
Exact sum: 8.7 + 15.0 + 10.0 + 7.5 = 41.2
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −19.8 pts · vs its theme (30 days): +8.6 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
7.5/15Liquidity & risk
Typical daily trading: $596.2K · price swings: 25% a year
100% evidence
22. Falcon Finance · FF
40.9/100 · Thinly traded · 64% evidence
Exact sum: 20.4 + 14.6 + 1.9 + 4.0 = 40.9
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): +15.5 pts · vs its theme (30 days): −11.4 pts · below its 200-day average
80% evidence
14.6/30Usage growth
Fees — · revenue — · users —
17% evidence
1.9/20Value capture
Fee yield 1.86% · revenue yield 0%
81% evidence
4.0/15Liquidity & risk
Typical daily trading: $1.1M · price swings: 74.6% a year
100% evidence
23. ChangeNOW · NOW
40.9/100 · Thinly traded · 50% evidence
Exact sum: 10.3 + 15.0 + 10.0 + 5.6 = 40.9
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −15.7 pts · vs its theme (30 days): +9.1 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
5.6/15Liquidity & risk
Typical daily trading: $1.4K · price swings: 34.6% a year
100% evidence
24. dYdX · DYDX
39.4/100 · Thinly traded · 50% evidence
Exact sum: 7.2 + 15.0 + 10.0 + 7.2 = 39.4
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −28.5 pts · vs its theme (30 days): −5.3 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
7.2/15Liquidity & risk
Typical daily trading: $3.1M · price swings: 68.6% a year
100% evidence
25. Synthetix · SNX
37.9/100 · Price-led, little network data · 50% evidence
Exact sum: 3.5 + 15.0 + 10.0 + 9.4 = 37.9
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −35.1 pts · vs its theme (30 days): −6.8 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
9.4/15Liquidity & risk
Typical daily trading: $8.0M · price swings: 62% a year
100% evidence
26. VVS Finance · VVS
36.8/100 · Thinly traded · 50% evidence
Exact sum: 5.2 + 15.0 + 10.0 + 6.6 = 36.8
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −41.2 pts · vs its theme (30 days): +1.5 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
6.6/15Liquidity & risk
Typical daily trading: $38.3K · price swings: 29.1% a year
100% evidence
27. WOO · WOO
36.6/100 · Thinly traded · 50% evidence
Exact sum: 6.5 + 15.0 + 10.0 + 5.1 = 36.6
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −26.1 pts · vs its theme (30 days): −0.8 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
5.1/15Liquidity & risk
Typical daily trading: $1.3M · price swings: 77.3% a year
100% evidence
28. HumidiFi · WET
34.1/100 · Thinly traded · 50% evidence
Exact sum: 5.2 + 15.0 + 10.0 + 3.9 = 34.1
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −44.9 pts · vs its theme (30 days): 0 pts · below its 200-day average
100% evidence
15.0/30Usage growth
Fees — · revenue — · users —
0% evidence
10.0/20Value capture
Fee yield — · revenue yield —
0% evidence
3.9/15Liquidity & risk
Typical daily trading: $1.1M · price swings: 88.3% a year
100% evidence
29. Momentum · MMT
31.4/100 · Thinly traded · 64% evidence
Exact sum: 5.2 + 12.5 + 10.9 + 2.8 = 31.4
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −51.5 pts · vs its theme (30 days): −11.1 pts · below its 200-day average
80% evidence
12.5/30Usage growth
Fees — · revenue — · users —
17% evidence
10.9/20Value capture
Fee yield 27.43% · revenue yield 5.47%
81% evidence
2.8/15Liquidity & risk
Typical daily trading: $493.5K · price swings: 83.6% a year
100% evidence
30. Meteora · MET
31.0/100 · Thinly traded · 65% evidence
Exact sum: 1.9 + 13.3 + 15.0 + 0.8 = 31.0
What it means: Mostly a price reading: less than half of this score rests on the network's own use (fees, users, deposits), so it says little about the project itself yet.
vs Bitcoin (90 days): −70.9 pts · vs its theme (30 days): −34.1 pts · below its 200-day average
100% evidence
13.3/30Usage growth
Fees — · revenue — · users —
17% evidence
15.0/20Value capture
Fee yield 135.52% · revenue yield —
50% evidence
0.8/15Liquidity & risk
Typical daily trading: $7.0K · price swings: 240.2% a year
100% evidence
Showing 5 of 30 ranked assets
01 · complete calendar-quarter evidence
Which projects are generating the most network fees?
Uniswap leads DEX crypto on Trailing 12-month fees at $938.7M, 300% ahead of PancakeSwap. 3 of 10 assets with comparable change data are growing, fastest at Curve DAO. Coverage is 13 of the 30 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderUniswap · $938.7M
Gap300% versus #2
Persistence3 assets have positive comparable growth
Coverage13 of 30 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.
Trailing 12-month fees is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month feestop 5
1Uniswap UNI$938.7M
2PancakeSwap CAKE$234.8M
3Meteora MET$223.9M
4Raydium RAY$146.1M
5Orca ORCA$70.4M
Fee growthtop 5
1Curve DAO CRV+126%
2CoW Protocol COW+57%
3Sushi SUSHI+18%
4Uniswap UNI-18%
5PancakeSwap CAKE-21%
Network fees · asset comparison
13 of 30 coins report it · 10 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month fees
Fee growth
Curve DAO CRV
$9.3M
+126%
PancakeSwap CAKE
$44.0M
-21%
Orca ORCA
$17.6M
-58%
Uniswap UNI
$395.3M
-18%
Raydium RAY
$47.2M
-86%
DODO DODO
—
—
Magma Finance MAGMA
—
—
Aster ASTER
—
—
THORChain RUNE
$5.2M
-66%
Sushi SUSHI
$151.8K
+18%
Elephant Money ELEPHANT
—
—
0x Protocol ZRX
—
—
CoW Protocol COW
$5.1M
+57%
Osmosis OSMO
$308.4K
-64%
Cetus Protocol CETUS
—
—
Baseline B
—
—
Kyber Network Crystal KNC
—
—
Pendle PENDLE
$1.3M
-55%
Bancor Network BNT
—
—
1INCH 1INCH
—
—
Gnosis GNO
—
—
Falcon Finance FF
$819.4K
—
ChangeNOW NOW
—
—
dYdX DYDX
—
—
Synthetix SNX
—
—
VVS Finance VVS
—
—
WOO WOO
—
—
HumidiFi WET
$503.0K
—
Momentum MMT
$129.9K
—
Meteora MET
$43.4M
—
Showing 20 of 30 assets
02 · complete calendar-quarter evidence
Which projects convert activity into protocol revenue?
PancakeSwap leads DEX crypto on Trailing 12-month revenue at $75.7M, 43% ahead of Uniswap. 3 of 9 assets with comparable change data are growing, fastest at Curve DAO. Coverage is 12 of the 30 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderPancakeSwap · $75.7M
Gap43% versus #2
Persistence3 assets have positive comparable growth
Coverage12 of 30 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.
Trailing 12-month revenue is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month revenuetop 5
1PancakeSwap CAKE$75.7M
2Uniswap UNI$52.9M
3Curve DAO CRV$27.5M
4CoW Protocol COW$24.1M
5Raydium RAY$21.7M
Revenue growthtop 5
1Curve DAO CRV+51%
2CoW Protocol COW+34%
3Sushi SUSHI+18%
4PancakeSwap CAKE-22%
5THORChain RUNE-35%
Protocol revenue · asset comparison
12 of 30 coins report it · 9 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month revenue
Revenue growth
Curve DAO CRV
$3.0M
+51%
PancakeSwap CAKE
$14.2M
-22%
Orca ORCA
$2.3M
-54%
Uniswap UNI
$28.6M
—
Raydium RAY
$7.2M
-73%
DODO DODO
—
—
Magma Finance MAGMA
—
—
Aster ASTER
—
—
THORChain RUNE
$1.2M
-35%
Sushi SUSHI
$25.3K
+18%
Elephant Money ELEPHANT
—
—
0x Protocol ZRX
—
—
CoW Protocol COW
$2.9M
+34%
Osmosis OSMO
$103.9K
-78%
Cetus Protocol CETUS
—
—
Baseline B
—
—
Kyber Network Crystal KNC
—
—
Pendle PENDLE
$1.2M
-55%
Bancor Network BNT
—
—
1INCH 1INCH
—
—
Gnosis GNO
—
—
Falcon Finance FF
$0
—
ChangeNOW NOW
—
—
dYdX DYDX
—
—
Synthetix SNX
—
—
VVS Finance VVS
—
—
WOO WOO
—
—
HumidiFi WET
$503.0K
—
Momentum MMT
$26.0K
—
Meteora MET
$4.4M
—
Showing 20 of 30 assets
03 · complete calendar-quarter evidence
Where is capital actually committed on-chain?
Uniswap leads DEX crypto on Quarter-end TVL at $3.9B, 78% ahead of PancakeSwap. None of the 15 assets with comparable change data is growing. Coverage is 15 of the 30 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderUniswap · $3.9B
Gap78% versus #2
Persistence0 assets have positive comparable growth
Coverage15 of 30 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.
Quarter-end TVL uses protocol TVL first for protocol assets and exact-ID chain TVL for chain assets or where protocol TVL is unavailable. A blank is unavailable, not zero. Growth compares with the same complete quarter one year earlier.
Quarter-end TVLtop 5
1Uniswap UNI$3.9B
2PancakeSwap CAKE$2.2B
3Raydium RAY$1.3B
4Curve DAO CRV$1.3B
5Pendle PENDLE$1.2B
TVL growthtop 5
1PancakeSwap CAKE-8.4%
2Baseline B-12%
3Orca ORCA-26%
4Uniswap UNI-30%
5Falcon Finance FF-31%
Total value locked · asset comparison
15 of 30 coins report it · 15 with a comparable change
Latest comparable data · top 20 shown first
Asset
Quarter-end TVL
TVL growth
Curve DAO CRV
$1.3B
-36%
PancakeSwap CAKE
$2.2B
-8.4%
Orca ORCA
$303.9M
-26%
Uniswap UNI
$3.9B
-30%
Raydium RAY
$1.3B
-42%
DODO DODO
—
—
Magma Finance MAGMA
—
—
Aster ASTER
—
—
THORChain RUNE
$71.3M
-50%
Sushi SUSHI
$40.9M
-74%
Elephant Money ELEPHANT
$0
-100%
0x Protocol ZRX
—
—
CoW Protocol COW
—
—
Osmosis OSMO
$11.2M
-70%
Cetus Protocol CETUS
—
—
Baseline B
$2.0M
-12%
Kyber Network Crystal KNC
—
—
Pendle PENDLE
$1.2B
-81%
Bancor Network BNT
—
—
1INCH 1INCH
$2.5M
-55%
Gnosis GNO
—
—
Falcon Finance FF
$1.2B
-31%
ChangeNOW NOW
—
—
dYdX DYDX
—
—
Synthetix SNX
—
—
VVS Finance VVS
—
—
WOO WOO
—
—
HumidiFi WET
—
—
Momentum MMT
$4.2M
-99%
Meteora MET
$188.6M
-69%
Showing 20 of 30 assets
05 · complete calendar-quarter evidence
Which protocols are winning trading activity?
Uniswap leads DEX crypto on Trailing 12-month DEX volume at $739B, 88% ahead of PancakeSwap. None of the 9 assets with comparable change data is growing. Coverage is 11 of the 30 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero.
LeaderUniswap · $739B
Gap88% versus #2
Persistence0 assets have positive comparable growth
Coverage11 of 30 assets
Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.
This conclusion weakens if: volume growth reverses or the activity is concentrated in one short-lived campaign.
Trailing 12-month DEX volume is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.
Trailing 12-month DEX volumetop 5
1Uniswap UNI$739.0B
2PancakeSwap CAKE$393.5B
3HumidiFi WET$153.2B
4Orca ORCA$110.5B
5Raydium RAY$106.2B
DEX volume growthtop 5
1PancakeSwap CAKE-19%
2Uniswap UNI-26%
3Curve DAO CRV-29%
4Orca ORCA-55%
5THORChain RUNE-68%
DEX volume · asset comparison
11 of 30 coins report it · 9 with a comparable change
Latest comparable data · top 20 shown first
Asset
Trailing 12-month DEX volume
DEX volume growth
Curve DAO CRV
$8.7B
-29%
PancakeSwap CAKE
$58.4B
-19%
Orca ORCA
$18.7B
-55%
Uniswap UNI
$194.3B
-26%
Raydium RAY
$15.4B
-78%
DODO DODO
—
—
Magma Finance MAGMA
—
—
Aster ASTER
—
—
THORChain RUNE
$3.8B
-68%
Sushi SUSHI
$68.4M
-71%
Elephant Money ELEPHANT
—
—
0x Protocol ZRX
—
—
CoW Protocol COW
—
—
Osmosis OSMO
$153.5M
-72%
Cetus Protocol CETUS
—
—
Baseline B
—
—
Kyber Network Crystal KNC
—
—
Pendle PENDLE
$924.1M
-71%
Bancor Network BNT
—
—
1INCH 1INCH
—
—
Gnosis GNO
—
—
Falcon Finance FF
—
—
ChangeNOW NOW
—
—
dYdX DYDX
—
—
Synthetix SNX
—
—
VVS Finance VVS
—
—
WOO WOO
—
—
HumidiFi WET
$7.1B
—
Momentum MMT
$81.6M
—
Meteora MET
$10.7B
—
Showing 20 of 30 assets
05 · let price answer last
Which assets lead on price and relative strength?
Raydium leads the DEX tape on Bitcoin-relative strength at +148% over 90 days. 12 of 29 covered assets are above their own 200-day average. Price shows what happened; BTC-relative strength shows whether the asset beat crypto’s opportunity-cost benchmark. Both lines run through 2026-10-30.
Complete set · no silent drops
Which assets are in DEX?
30 of the 38 coins assigned to DEX are rated and ranked below, and the other 8 are listed under it with the reason each one is not rated: price-only names that publish no protocol activity included. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories.
8 of the 38 DEX coins are not rated this week: 8 report no traded volume. Each one stays on this page with its reason instead of being scored at the midpoint of a range nothing measured.
No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Methodology · boundaries make the answer useful
What can make this comparison misleading?
This DEX comparison names 5 ways its own evidence can mislead, all listed below. The largest is that crypto network activity is not company earnings: protocol revenue does not automatically accrue to token holders. Coverage is also uneven: 10 of 30 assets carry enough native evidence to rank on more than price.
Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
Market-cap values are a dated universe snapshot, not point-in-time historical supply data.
Current category labels are applied to historical prices; this creates survivorship and taxonomy hindsight.
Funding rates, open interest, liquidations, exchange flows, unlock schedules, historical circulating supply and developer activity are not held and are not inferred.
Equal weighting is used for sector history because true historical market-cap weights are unavailable.
Price and technicalsThrough 2026-10-30. Five-year weekly observations benchmarked to Bitcoin.
Protocol activityThrough 2026-10-30. Fees, revenue, protocol TVL and DEX volume.
Chain activityUsers and transactions: not published for these coins; chain TVL: not published for these coins.
Market capSnapshot dated 2026-11-05; no historical supply series is implied.
Questions the page should answer directly
Crypto analysis FAQs
These 21 answers cover the questions this page can settle from data it holds: what the category is, how the score is built, what the coverage gaps are, and what would change the read. Every answer below is also present in the page’s FAQ schema and in its plain-text rendition. None of them is a recommendation.
What is DEX crypto?
DEX crypto coins are the coins CoinGecko tags as Decentralized Exchange (DEX), Automated Market Maker (AMM) or Dexs. Each coin sits in one theme only: the first, most specific one its tags match. We track 38 DEX coins, 30 of them rated below.
What is the total market cap of DEX crypto coins?
The 30 DEX coins on this page with a current market cap were worth about $10.2 billion together, by CoinGecko's reading of 5 November 2026. Individual figures are in the table.
Are DEX crypto coins outperforming Bitcoin?
DEX has returned +1.9% versus Bitcoin over 52 weeks and +0.6% over 13 weeks on an equal-weight current-member index. 12/29 covered assets are above their 200-day averages as of 2026-10-30.
Which DEX asset has the strongest research score?
Curve DAO ranks first at 66.9/100: 26.5 + 21.7 + 7.9 + 10.8 = 66.9. It is labelled “Better than most” with 95% overall evidence and 90% native-economics evidence.
Why are some DEX coins not rated?
8 of the 38 coins are not rated this week: 8 report no traded volume. They stay listed with the reason beside each one rather than being scored at a neutral midpoint, because a missing reading is not a middling reading.
How is the DEX 4-factor score calculated?
The exact sum is Market leadership /35 + Network and economic traction /30 + Value capture /20 + Liquidity and downside risk /15. Missing data pulls only the affected factor toward neutral and lowers evidence; it is never silently reweighted.
Why can a DEX asset be labelled price-led?
Price-led means price and relative-strength evidence exists but less than half of the native traction and value-capture evidence is available. Such assets remain visible but rank below fully evidenced assets.
Does protocol revenue accrue to the token?
Not necessarily. Protocol fees and revenue measure network economics; token-holder value depends on the protocol’s burn, buyback, staking, distribution and governance rules. This page never assumes accrual merely because revenue exists.
Does crypto have a P/E or PEG ratio?
No comparable company-style P/E or PEG is used. Where coverage permits, the page shows network fee yield and protocol-revenue yield against a dated market-cap snapshot, with an explicit token-accrual caveat.
How much history is shown for DEX?
The page shows five years of weekly price and relative-strength history and 20 complete calendar quarters of on-chain activity where available. Missing periods remain gaps.
Why do the crypto data dates differ?
Prices and technical metrics run through 2026-10-30; protocol activity through 2026-10-30; chain users and transactions through the latest available chain date; chain TVL through the latest available chain-TVL date; market capitalisation is a separate snapshot dated 2026-11-05.
Are stablecoins and wrapped tokens included in DEX?
No. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they do not have independent price discovery.
Can one token appear in multiple raw crypto categories?
Yes, but pages on this site assign each asset to exactly one functional theme using a specific-to-general first-match taxonomy. DEX therefore has one canonical membership list.
What would invalidate the current DEX theme read?
The read weakens if the sector’s 13-week relative return versus Bitcoin falls below zero, fewer than one-third of covered assets remain above the 200-day average, and the leading asset’s native activity contracts. As of 2026-10-30, none of the three conditions are in place.
Does this page include funding rates, open interest or token unlocks?
No. Those datasets are not held in the current research store, so the page names them as unavailable rather than inferring them from price.
Which projects are generating the most network fees?
Uniswap leads DEX crypto on Trailing 12-month fees at $938.7M, 300% ahead of PancakeSwap. 3 of 10 assets with comparable change data are growing, fastest at Curve DAO. Coverage is 13 of the 30 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.
Which projects convert activity into protocol revenue?
PancakeSwap leads DEX crypto on Trailing 12-month revenue at $75.7M, 43% ahead of Uniswap. 3 of 9 assets with comparable change data are growing, fastest at Curve DAO. Coverage is 12 of the 30 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.
Where is capital actually committed on-chain?
Uniswap leads DEX crypto on Quarter-end TVL at $3.9B, 78% ahead of PancakeSwap. None of the 15 assets with comparable change data is growing. Coverage is 15 of the 30 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.
Which protocols are winning trading activity?
Uniswap leads DEX crypto on Trailing 12-month DEX volume at $739B, 88% ahead of PancakeSwap. None of the 9 assets with comparable change data is growing. Coverage is 11 of the 30 ranked assets in this theme, through the Q3 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if volume growth reverses or the activity is concentrated in one short-lived campaign.
Which DEX project has the largest fee base?
Uniswap leads covered trailing-12-month fees at $938.7M. Coverage is 13/30; this is network activity, not automatically token-holder income.
Which are the biggest DEX crypto coins by market cap?
Uniswap is the largest DEX crypto coin by market capitalisation at $4.7B, ahead of Aster at $1.7B and PancakeSwap at $661M. The 30 DEX coins on this page carry $10.2B between them, with a market-cap figure on file for 30 of them. Market-cap metadata is dated 2026-11-05.