Five-year price · 20 complete calendar quarters · BTC-relative

DEX Crypto Coins

Is DEX outperforming Bitcoin, and is leadership broad?

Bottom line

PancakeSwap ranks first for research priority in DEX crypto at 68.1/100, and its native activity evidence clears the coverage gate. The theme's 13-week excess versus Bitcoin is +20.2% on 19% breadth, which is what decides whether that lead is isolated or broad. 13 of the 48 assets here carry enough native evidence to move past a tape-led label.

These DEX coins are part of the cryptocurrency universe this site tracks daily — 894 of the top 1,000 crypto currency assets by market cap, priced from exchange closes 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 5 years. Over the most recent two of them this theme is 12% behind Bitcoin. Protocol revenue across its protocols grew 15% on average over the last four reported quarters. It has been ahead of Bitcoin on a rolling three-month view for 16 weeks running.

LEADER · ahead 16w⚠Moving with the index18 of 33 coins ahead of Bitcoin by 5% or more over three months1 is 20% or more behind over a year while protocol revenue grew 20% or more

RS ↑16w · 6/33 >200d (+0) · 18/33 lead (−2) · EPS 2/6↑

DEX, equal-weighted, based at 200 Bitcoin, same base, same start trailing 12-month protocol revenue rising falling

Strength anatomy MixedHow much of the theme is participating, how recently, and whether the movers score well.

Together18 of 33 coins moving

Fresh4 crossed in the last 4 weeks

Down the cap ladder — bar is now, tick is four weeks ago

Large 6/70

Mid 6/12−2

Small 6/140

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the theme line is an equal-weighted index of its 33 coins. The bars underneath are trailing 12-month protocol revenue, one bar per reported quarter, each member rebased to 100 at the start and the theme taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically 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 any point to read both values and the gap. This is a description of what the numbers did, not advice.

RISK OFF market context

DEX vs Bitcoin — Relative Strength & Breadth

DEX crypto has underperformed Bitcoin by 11.9% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is +20.2%. 7 of 36 covered assets are above their own 200-day average. Hydration leads Bitcoin-relative strength at +94.8%. Price readings are as of 2026-07-24.

+20%13w vs BTC

-12%52w vs BTC

7/36Above 200-DMA

HDXRS leader · +95%

Assets

canonical functional membership

Activity-covered

13/48

enough native evidence

Top score

68.1/100

PancakeSwap

Calendar quarters

complete; missing stays missing

Global asset selection · top 20 shown

Showing 20 of 48 assets

00 · exact additive research priority

4-Factor Crypto Evidence Score

A within-theme research-priority score for the 48 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. PancakeSwap is highest at 68.1/100 on 91% evidence. It ranks research attention, not portfolio action.

Market leadership · 35Network & economic traction · 30Value capture · 20Liquidity & downside risk · 15

PancakeSwap leads the current research queue at 68.1/100 with 91% evidence.

13/48 assets have enough native activity evidence to move beyond a tape-led label.

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.

1. PancakeSwap · CAKE

68.1/100 · Constructive watch · market gate closed · 91% evidence

Exact sum: 19.9 + 20.0 + 14.6 + 13.6 = 68.1

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

19.9/35Market leadership

RS-BTC 10.2 pp · RS-sector 2.7 pp · 200-DMA below

100% evidence

20.0/30Network & economic traction

Fees 15.9% · revenue 15.5% · users —

83% evidence

14.6/20Value capture

Fee yield 61.91% · revenue yield 20.02%

80% evidence

13.6/15Liquidity & downside risk

30d median volume $25,099,814 · vol 35.3%

100% evidence

2. Hydration · HDX

62.4/100 · Illiquid · research only · 91% evidence

Exact sum: 34.9 + 16.9 + 5.1 + 5.5 = 62.4

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

34.9/35Market leadership

RS-BTC 94.8 pp · RS-sector 52.3 pp · 200-DMA above

100% evidence

16.9/30Network & economic traction

Fees 19% · revenue 18.5% · users —

83% evidence

5.1/20Value capture

Fee yield 6.54% · revenue yield 3.35%

80% evidence

5.5/15Liquidity & downside risk

30d median volume $1,567 · vol 49.6%

100% evidence

3. Curve DAO · CRV

62.2/100 · Constructive watch · market gate closed · 91% evidence

Exact sum: 16.9 + 22.3 + 10.8 + 12.2 = 62.2

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

16.9/35Market leadership

RS-BTC 7.7 pp · RS-sector 0.7 pp · 200-DMA below

100% evidence

22.3/30Network & economic traction

Fees 333.7% · revenue 398.8% · users —

83% evidence

10.8/20Value capture

Fee yield 20.01% · revenue yield 11.73%

80% evidence

12.2/15Liquidity & downside risk

30d median volume $29,848,402 · vol 55.9%

100% evidence

4. Pendle · PENDLE

60.4/100 · Constructive watch · market gate closed · 91% evidence

Exact sum: 30.0 + 11.0 + 8.0 + 11.4 = 60.4

Decision use: Price leads usage. Wait for fees, users or TVL to confirm the move.

30.0/35Market leadership

RS-BTC 32.4 pp · RS-sector 13.9 pp · 200-DMA above

100% evidence

11.0/30Network & economic traction

Fees -17.4% · revenue -17.3% · users —

83% evidence

8.0/20Value capture

Fee yield 9.9% · revenue yield 9.6%

80% evidence

11.4/15Liquidity & downside risk

30d median volume $30,967,302 · vol 66.3%

100% evidence

5. Sushi · SUSHI

53.4/100 · Mixed · market gate closed · 91% evidence

Exact sum: 12.1 + 18.9 + 12.2 + 10.2 = 53.4

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

12.1/35Market leadership

RS-BTC -8.3 pp · RS-sector 6.2 pp · 200-DMA below

100% evidence

18.9/30Network & economic traction

Fees 204.7% · revenue 204.7% · users —

83% evidence

12.2/20Value capture

Fee yield 55.81% · revenue yield 9.3%

80% evidence

10.2/15Liquidity & downside risk

30d median volume $6,242,650 · vol 45.8%

100% evidence

6. Raydium · RAY

48.6/100 · Mixed · market gate closed · 91% evidence

Exact sum: 17.2 + 4.2 + 15.7 + 11.5 = 48.6

Decision use: Cheap on network economics while activity contracts: investigate value-capture trap risk.

17.2/35Market leadership

RS-BTC 7.9 pp · RS-sector 2.1 pp · 200-DMA below

100% evidence

4.2/30Network & economic traction

Fees -80% · revenue -57.2% · users —

83% evidence

15.7/20Value capture

Fee yield 104.91% · revenue yield 15.55%

80% evidence

11.5/15Liquidity & downside risk

30d median volume $13,954,437 · vol 67.9%

100% evidence

7. THORChain · RUNE

34.2/100 · Illiquid · research only · 91% evidence

Exact sum: 15.2 + 4.2 + 6.6 + 8.2 = 34.2

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

15.2/35Market leadership

RS-BTC 4.3 pp · RS-sector 0 pp · 200-DMA below

100% evidence

4.2/30Network & economic traction

Fees -63% · revenue -51.8% · users —

83% evidence

6.6/20Value capture

Fee yield 17.17% · revenue yield 1.39%

80% evidence

8.2/15Liquidity & downside risk

30d median volume $3,933,830 · vol 40.6%

100% evidence

8. Osmosis · OSMO

32.4/100 · Illiquid · research only · 91% evidence

Exact sum: 15.2 + 4.5 + 6.5 + 6.2 = 32.4

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

15.2/35Market leadership

RS-BTC 12.6 pp · RS-sector -23.3 pp · 200-DMA below

100% evidence

4.5/30Network & economic traction

Fees -61.5% · revenue -74.5% · users —

83% evidence

6.5/20Value capture

Fee yield 18.94% · revenue yield 6.4%

80% evidence

6.2/15Liquidity & downside risk

30d median volume $3,037,795 · vol 51.4%

100% evidence

9. Jupiter · JUP

31.2/100 · Illiquid · research only · 54% evidence

Exact sum: 14.0 + 11.1 + 5.3 + 0.8 = 31.2

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

14.0/35Market leadership

RS-BTC — · RS-sector — · 200-DMA below

20% evidence

11.1/30Network & economic traction

Fees -29.2% · revenue -29.2% · users —

53% evidence

5.3/20Value capture

Fee yield 4.72% · revenue yield 4.72%

80% evidence

0.8/15Liquidity & downside risk

30d median volume $0 · vol 3231.5%

100% evidence

10. Aerodrome Finance · AERO

30.2/100 · Illiquid · research only · 87% evidence

Exact sum: 4.0 + 13.3 + 10.4 + 2.5 = 30.2

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

4.0/35Market leadership

RS-BTC -24.1 pp · RS-sector -8.6 pp · 200-DMA below

100% evidence

13.3/30Network & economic traction

Fees -11.4% · revenue -26.9% · users —

70% evidence

10.4/20Value capture

Fee yield 25.16% · revenue yield 19.38%

80% evidence

2.5/15Liquidity & downside risk

30d median volume $0 · vol 91.4%

100% evidence

11. Orca · ORCA

68.3/100 · Tape-led · on-chain proof incomplete · 72% evidence

Exact sum: 29.2 + 13.9 + 14.5 + 10.7 = 68.3

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

29.2/35Market leadership

RS-BTC 22.5 pp · RS-sector 0.8 pp · 200-DMA above

100% evidence

13.9/30Network & economic traction

Fees — · revenue — · users —

30% evidence

14.5/20Value capture

Fee yield 118.87% · revenue yield 14.27%

65% evidence

10.7/15Liquidity & downside risk

30d median volume $11,304,550 · vol 46.7%

100% evidence

12. Meteora · MET

68.0/100 · Illiquid · research only · 63% evidence

Exact sum: 34.0 + 13.0 + 14.0 + 7.0 = 68.0

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

34.0/35Market leadership

RS-BTC 72 pp · RS-sector 18.8 pp · 200-DMA above

100% evidence

13.0/30Network & economic traction

Fees — · revenue — · users —

17% evidence

14.0/20Value capture

Fee yield 394.56% · revenue yield —

40% evidence

7.0/15Liquidity & downside risk

30d median volume $7,722 · vol 39.4%

100% evidence

13. DODO · DODO

59.3/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 26.0 + 15.0 + 10.0 + 8.3 = 59.3

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

26.0/35Market leadership

RS-BTC 15.9 pp · RS-sector 4.5 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

8.3/15Liquidity & downside risk

30d median volume $6,896,205 · vol 191.4%

100% evidence

14. Frax (prev. FXS) · FRAX

58.9/100 · Illiquid · research only · 50% evidence

Exact sum: 25.3 + 15.0 + 10.0 + 8.6 = 58.9

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

25.3/35Market leadership

RS-BTC 17.3 pp · RS-sector -3.3 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

8.6/15Liquidity & downside risk

30d median volume $323,841 · vol 2.5%

100% evidence

15. CoW Protocol · COW

58.6/100 · Illiquid · research only · 44% evidence

Exact sum: 17.5 + 21.6 + 13.1 + 6.4 = 58.6

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

21.6/30Network & economic traction

Fees 117.5% · revenue 79.3% · users —

53% evidence

13.1/20Value capture

Fee yield 49.08% · revenue yield 31.06%

80% evidence

6.4/15Liquidity & downside risk

30d median volume $132,526 · vol —

80% evidence

16. Velodrome Finance · VELO

57.2/100 · Illiquid · research only · 50% evidence

Exact sum: 26.1 + 15.0 + 10.0 + 6.1 = 57.2

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

26.1/35Market leadership

RS-BTC 43.8 pp · RS-sector 15.7 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.1/15Liquidity & downside risk

30d median volume $2,092,780 · vol 77.1%

100% evidence

17. 1INCH · 1INCH

55.4/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 20.6 + 14.0 + 10.0 + 10.8 = 55.4

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

20.6/35Market leadership

RS-BTC 7.5 pp · RS-sector 20 pp · 200-DMA below

100% evidence

14.0/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

10.8/15Liquidity & downside risk

30d median volume $7,543,216 · vol 52.8%

100% evidence

18. Magma Finance · MAGMA

52.1/100 · Illiquid · research only · 43% evidence

Exact sum: 22.0 + 15.0 + 10.0 + 5.1 = 52.1

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

22.0/35Market leadership

RS-BTC 74.6 pp · RS-sector -28.9 pp · 200-DMA above

80% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.1/15Liquidity & downside risk

30d median volume $2,923,181 · vol 293%

100% evidence

19. Aster · ASTER

52.1/100 · Illiquid · research only · 12% evidence

Exact sum: 17.5 + 15.0 + 10.0 + 9.6 = 52.1

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

9.6/15Liquidity & downside risk

30d median volume $4,455,395 · vol —

80% evidence

20. Uniswap · UNI

51.7/100 · Mixed · market gate closed · 47% evidence

Exact sum: 17.5 + 13.3 + 8.8 + 12.1 = 51.7

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

13.3/30Network & economic traction

Fees -17% · revenue — · users —

63% evidence

8.8/20Value capture

Fee yield 42.46% · revenue yield 1.22%

80% evidence

12.1/15Liquidity & downside risk

30d median volume $11,424,395 · vol —

80% evidence

Showing 20 of 48 ranked assets

01 · complete calendar-quarter evidence

Which projects are generating the most network fees?

LeaderUniswap · $842M

Gap120% versus #2

Persistence5 assets have positive comparable growth

Coverage18/48 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 five

1Uniswap UNI$842.0M

2Meteora MET$382.7M

3PancakeSwap CAKE$276.8M

4Raydium RAY$201.3M

5Aerodrome Finance AERO$138.7M

Fee growthtop five

1Curve DAO CRV+334%

2Sushi SUSHI+205%

3CoW Protocol COW+118%

4Hydration HDX+19%

5PancakeSwap CAKE+16%

Network fees · asset comparison

18/48 level · 13/48 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month fees	Fee growth
pancakeswap-token	$27.8M	+16%
hydradx	$142.3K	+19%
curve-dao-token	$11.7M	+334%
pendle	$3.8M	-17%
sushi	$189.3K	+205%
raydium	$16.8M	-80%
thorchain	$3.1M	-63%
osmosis	$507.3K	-62%
jupiter-exchange-solana	$6.2M	-29%
aerodrome-finance	$25.2M	-11%
orca	$10.4M	—
meteora	$25.2M	—
dodo	—	—
frax-share	—	—
cow-protocol	$6.1M	+118%
velodrome-finance	—	—
1inch	—	—
magma-finance	—	—
aster-2	—	—
uniswap	$133.7M	-17%
baseline	—	—
hyperliquid	—	—
apex-token-2	—	—
based-one	—	—
infinex-2	—	—
lighter	—	—
yei-finance	—	—
vvs-finance	—	—
aquarius	$318.9K	—
bancor	—	—
falcon-finance-ff	$1.1M	—
momentum-3	$319.0K	—
gnosis	—	—
0x	—	—
havven	—	—
humidifi	$-65.7K	—
kyber-network-crystal	—	—
elephant-money	—	—
dydx-chain	—	—
ston-2	$2.1M	-32%
o1-exchange	$492.5K	—
changenow	—	—
cetus-protocol	—	—
woo-network	—	—
tokenlon	—	—
edgex	—	—
coinex-token	—	—
definitive	$583.5K	—

Showing 20 of 48 assets

02 · complete calendar-quarter evidence

Which projects convert activity into protocol revenue?

LeaderAerodrome Finance · $106.9M

Gap19% versus #2

Persistence5 assets have positive comparable growth

Coverage17/48 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 five

1Aerodrome Finance AERO$106.9M

2PancakeSwap CAKE$89.5M

3Curve DAO CRV$37.1M

4Jupiter JUP$37.0M

5Raydium RAY$29.8M

Revenue growthtop five

1Curve DAO CRV+399%

2Sushi SUSHI+205%

3CoW Protocol COW+79%

4Hydration HDX+19%

5PancakeSwap CAKE+16%

Protocol revenue · asset comparison

17/48 level · 12/48 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month revenue	Revenue growth
pancakeswap-token	$8.9M	+16%
hydradx	$71.2K	+19%
curve-dao-token	$5.1M	+399%
pendle	$3.8M	-17%
sushi	$31.3K	+205%
raydium	$2.4M	-57%
thorchain	$358.2K	-52%
osmosis	$196.8K	-75%
jupiter-exchange-solana	$6.2M	-29%
aerodrome-finance	$13.7M	-27%
orca	$1.3M	—
meteora	$2.2M	—
dodo	—	—
frax-share	—	—
cow-protocol	$4.2M	+79%
velodrome-finance	—	—
1inch	—	—
magma-finance	—	—
aster-2	—	—
uniswap	$13.5M	—
baseline	—	—
hyperliquid	—	—
apex-token-2	—	—
based-one	—	—
infinex-2	—	—
lighter	—	—
yei-finance	—	—
vvs-finance	—	—
aquarius	$220.2K	—
bancor	—	—
falcon-finance-ff	$0	—
momentum-3	$63.8K	—
gnosis	—	—
0x	—	—
havven	—	—
humidifi	$-65.7K	—
kyber-network-crystal	—	—
elephant-money	—	—
dydx-chain	—	—
ston-2	$518.5K	-39%
o1-exchange	$492.5K	—
changenow	—	—
cetus-protocol	—	—
woo-network	—	—
tokenlon	—	—
edgex	—	—
coinex-token	—	—
definitive	$583.5K	—

Showing 20 of 48 assets

03 · complete calendar-quarter evidence

Where is capital actually committed on-chain?

LeaderUniswap · $3.1B

Gap57% versus #2

Persistence3 assets have positive comparable growth

Coverage23/48 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 five

1Uniswap UNI$3.1B

2PancakeSwap CAKE$1.9B

3Hyperliquid HYPE$1.4B

4Falcon Finance FF$1.3B

5Curve DAO CRV$1.2B

TVL growthtop five

1Aquarius AQUA+213%

2PancakeSwap CAKE+13%

3Baseline B+6.8%

4Hyperliquid HYPE-20%

5Aerodrome Finance AERO-30%

Total value locked · asset comparison

23/48 level · 22/48 change

Latest comparable data · top 20 shown first

Asset	Quarter-end TVL	TVL growth
pancakeswap-token	$1.9B	+13%
hydradx	$24.1M	-86%
curve-dao-token	$1.2B	-33%
pendle	$942.0M	-81%
sushi	$31.1M	-74%
raydium	$859.3M	-51%
thorchain	$50.0M	-64%
osmosis	$14.0M	-65%
jupiter-exchange-solana	—	—
aerodrome-finance	$169.1M	-30%
orca	$240.5M	-32%
meteora	$191.8M	-66%
dodo	—	—
frax-share	—	—
cow-protocol	—	—
velodrome-finance	—	—
1inch	$2.3M	-42%
magma-finance	—	—
aster-2	—	—
uniswap	$3.1B	-37%
baseline	$1.5M	+6.8%
hyperliquid	$1.4B	-20%
apex-token-2	—	—
based-one	—	—
infinex-2	—	—
lighter	—	—
yei-finance	—	—
vvs-finance	—	—
aquarius	$44.1M	+213%
bancor	—	—
falcon-finance-ff	$1.3B	—
momentum-3	$4.9M	-96%
gnosis	$65.4M	-62%
0x	—	—
havven	—	—
humidifi	—	—
kyber-network-crystal	—	—
elephant-money	$0	-100%
dydx-chain	$96.6M	-56%
ston-2	$28.9M	-53%
o1-exchange	—	—
changenow	—	—
cetus-protocol	—	—
woo-network	—	—
tokenlon	—	—
edgex	—	—
coinex-token	$135.1M	-32%
definitive	—	—

Showing 20 of 48 assets

05 · complete calendar-quarter evidence

Which protocols are winning trading activity?

LeaderUniswap · $858.9B

Gap58% versus #2

Persistence5 assets have positive comparable growth

Coverage14/48 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 five

1Uniswap UNI$858.9B

2PancakeSwap CAKE$544.5B

3HumidiFi WET$197.3B

4Raydium RAY$161.7B

5Orca ORCA$147.0B

DEX volume growthtop five

1Aquarius AQUA+394%

2PancakeSwap CAKE+76%

3Hydration HDX+54%

4Pendle PENDLE+7.9%

5Uniswap UNI+5.0%

DEX volume · asset comparison

14/48 level · 12/48 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month DEX volume	DEX volume growth
pancakeswap-token	$55.6B	+76%
hydradx	$246.8M	+54%
curve-dao-token	$13.1B	-3.9%
pendle	$2.3B	+7.9%
sushi	$70.5M	-63%
raydium	$13.2B	-66%
thorchain	$2.1B	-70%
osmosis	$291.2M	-64%
jupiter-exchange-solana	—	—
aerodrome-finance	—	—
orca	$20.2B	-36%
meteora	—	—
dodo	—	—
frax-share	—	—
cow-protocol	—	—
velodrome-finance	—	—
1inch	—	—
magma-finance	—	—
aster-2	—	—
uniswap	$119.8B	+5.0%
baseline	—	—
hyperliquid	—	—
apex-token-2	—	—
based-one	—	—
infinex-2	—	—
lighter	—	—
yei-finance	—	—
vvs-finance	—	—
aquarius	$162.6M	+394%
bancor	—	—
falcon-finance-ff	—	—
momentum-3	$212.6M	—
gnosis	—	—
0x	—	—
havven	—	—
humidifi	$6.3B	—
kyber-network-crystal	—	—
elephant-money	—	—
dydx-chain	—	—
ston-2	$551.2M	-65%
o1-exchange	$49.2M	—
changenow	—	—
cetus-protocol	—	—
woo-network	—	—
tokenlon	—	—
edgex	—	—
coinex-token	—	—
definitive	—	—

Showing 20 of 48 assets

05 · let price answer last

Which assets lead on price and relative strength?

Hydration leads the DEX tape on Bitcoin-relative strength at +95% over 90 days. 7 of 36 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 2026-07-24.

Complete set · no silent drops

Which assets are in DEX?

48 priced assets are assigned to DEX, listed below by rank with every one visible — including tape-only names that publish no protocol activity. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they have no independent price discovery.

Rank	Asset	Price	90d	RS-BTC	200-DMA	30d vol	Median volume	Price quality	Activity source	Score	Evidence
1	PancakeSwap CAKE	$1.39	-7.2%	+10%	Below	35%	$25.1M	usable	protocol	68.1	91%
2	Hydration HDX	$0.0060	+77%	+95%	Above	50%	$1.6K	usable	protocol + chain TVL	62.4	91%
3	Curve DAO CRV	$0.2036	-9.7%	+7.7%	Below	56%	$29.8M	usable	protocol	62.2	91%
4	Pendle PENDLE	$1.48	+15%	+32%	Above	66%	$31.0M	usable	protocol	60.4	91%
5	Sushi SUSHI	$0.1651	-26%	-8.3%	Below	46%	$6.2M	usable	protocol	53.4	91%
6	Raydium RAY	$0.6228	-9.5%	+7.9%	Below	68%	$14.0M	usable	protocol	48.6	91%
7	THORChain RUNE	$0.4192	-13%	+4.3%	Below	41%	$3.9M	usable	protocol + chain TVL	34.2	91%
8	Osmosis OSMO	$0.0313	-4.8%	+13%	Below	51%	$3.0M	usable	protocol + chain TVL	32.4	91%
9	Jupiter JUP	$0.0000	—	—	Below	3,231%	$0	return withheld · discontinuity	protocol	31.2	54%
10	Aerodrome Finance AERO	$0.0000	-42%	-24%	Below	91%	$0	usable	protocol	30.2	87%
11	Orca ORCA	$1.17	+5.1%	+22%	Above	47%	$11.3M	usable	protocol	68.3	72%
12	Meteora MET	$1.05	+55%	+72%	Above	39%	$7.7K	usable	protocol	68.0	63%
13	DODO DODO	$0.0199	-1.5%	+16%	Above	191%	$6.9M	usable	tape only	59.3	50%
14	Frax (prev. FXS) FRAX	$0.9924	-0.1%	+17%	Above	2%	$323.8K	usable	tape only	58.9	50%
15	CoW Protocol COW	$0.1361	—	—	—	—	$132.5K	usable	protocol	58.6	44%
16	Velodrome Finance VELO	$0.0039	+26%	+44%	Below	77%	$2.1M	usable	tape only	57.2	50%
17	1INCH 1INCH	$0.0858	-10.0%	+7.5%	Below	53%	$7.5M	usable	protocol	55.4	55%
18	Magma Finance MAGMA	$0.3037	+57%	+75%	Above	293%	$2.9M	usable	tape only	52.1	43%
19	Aster ASTER	$0.6230	—	—	—	—	$4.5M	usable	tape only	52.1	12%
20	Uniswap UNI	$3.72	—	—	—	—	$11.4M	usable	protocol	51.7	47%
21	Baseline B	$0.1717	+35%	+53%	Below	362%	$8.9M	usable	protocol	50.9	55%
22	Hyperliquid HYPE	—	—	—	—	—	—	usable	chain TVL	50.2	5%
23	APEX APEX	—	—	—	—	—	—	usable	tape only	50.0	0%
24	Based BASED	—	—	—	—	—	—	usable	tape only	50.0	0%
25	Infinex INX	—	—	—	—	—	—	usable	tape only	50.0	0%
26	Lighter LIT	—	—	—	—	—	—	usable	tape only	50.0	0%
27	Yei Finance CLO	—	—	—	—	—	—	usable	tape only	50.0	0%
28	VVS Finance VVS	$0.0000	0.0%	+17%	Below	0%	$27.7K	usable	tape only	49.8	42%
29	Aquarius AQUA	$0.8924	-14%	+3.1%	Below	27%	$0	usable	protocol	49.3	59%
30	Bancor Network BNT	$0.2720	-14%	+3.4%	Below	45%	$2.5M	usable	tape only	48.5	50%
31	Falcon Finance FF	$0.0610	—	—	—	—	$1.2M	usable	protocol	48.4	12%
32	Momentum MMT	$0.1745	—	—	—	—	$1.1M	usable	protocol	47.7	30%
33	Gnosis GNO	$106.49	-13%	+4.2%	Below	37%	$2.1M	usable	chain TVL	46.5	55%
34	0x Protocol ZRX	$0.0837	-27%	-9.1%	Below	54%	$6.1M	usable	tape only	45.0	50%
35	Synthetix SNX	$0.2180	-28%	-10%	Below	115%	$10.4M	usable	tape only	43.9	50%
36	HumidiFi WET	$0.0648	-35%	-17%	Below	68%	$5.8M	usable	protocol	43.7	50%
37	Kyber Network Crystal KNC	$0.1095	-23%	-5.9%	Below	32%	$2.8M	usable	tape only	43.5	50%
38	Elephant Money ELEPHANT	$0.0000	—	—	Below	—	$0	usable	protocol	42.8	16%
39	dYdX DYDX	$0.1240	-24%	-6.1%	Below	121%	$7.2M	usable	chain TVL	41.1	55%
40	STON STON	—	—	—	—	—	—	usable	protocol	41.1	41%
41	o1.exchange O	$0.0000	0.0%	+17%	Below	0%	$0	usable	protocol	40.5	55%
42	ChangeNOW NOW	$0.3549	-29%	-12%	Below	41%	$0	usable	tape only	39.1	50%
43	Cetus Protocol CETUS	$0.0180	-38%	-21%	Below	50%	$2.4M	usable	tape only	37.6	50%
44	WOO WOO	$0.0125	-37%	-20%	Below	68%	$1.4M	usable	tape only	37.5	50%
45	Tokenlon LON	$0.1707	-36%	-18%	Below	42%	$4.5K	usable	tape only	33.2	50%
46	edgeX EDGE	$0.0545	-57%	-39%	Below	140%	$0	usable	tape only	28.6	50%
47	CoinEx CET	$0.0123	-57%	-40%	Below	77%	$36.4K	usable	protocol + chain TVL	27.9	55%
48	Definitive EDGE	$0.0545	-57%	-39%	Below	140%	$0	usable	protocol	27.7	63%

Showing 20 of 48 assets

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 — 13 of 48 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 2026-07-24. Five-year weekly observations benchmarked to Bitcoin.

Protocol activityThrough 2026-07-24. Fees, revenue, protocol TVL and DEX volume.

Chain activityUsers and transactions through unavailable; separately sourced chain TVL through 2026-07-24.

Market capSnapshot dated 2026-07-04; no historical supply series is implied.

Questions the page should answer directly

Crypto analysis FAQs

These 19 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 refers to cryptocurrency projects grouped by what they actually do rather than by market fashion. This page tracks 48 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-07-24.

What is the total market cap of DEX crypto coins?

The DEX coins on this page are tracked against a universe of 894 of the top 1,000 crypto currency assets by market cap. Market-cap metadata is dated 2026-07-04, separately from the price series, and each coin's own figure is in the table on this page.

Are DEX crypto coins outperforming Bitcoin?

DEX has returned -11.9% versus Bitcoin over 52 weeks and +20.2% over 13 weeks on an equal-weight current-member index. 7/36 covered assets are above their 200-day averages as of 2026-07-24.

Which DEX asset has the strongest research score?

PancakeSwap ranks first at 68.1/100: 19.9 + 20.0 + 14.6 + 13.6 = 68.1. It is labelled “Constructive watch · market gate closed” with 91% overall evidence and 82% native-economics evidence.

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 tape-led?

Tape-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 2026-07-24; protocol activity through 2026-07-24; chain users and transactions through the latest available chain date; chain TVL through 2026-07-24; market capitalisation is a separate snapshot dated 2026-07-04.

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 public MLA pages 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 also contracts.

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 $842M, 120% ahead of Meteora. 5 of 13 assets with comparable change data are growing, fastest at Curve DAO. Coverage is 18 of the 48 assets in this theme, through the Q2 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?

Aerodrome Finance leads DEX crypto on Trailing 12-month revenue at $106.9M, 19% ahead of PancakeSwap. 5 of 12 assets with comparable change data are growing, fastest at Curve DAO. Coverage is 17 of the 48 assets in this theme, through the Q2 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 $3.1B, 57% ahead of PancakeSwap. 3 of 22 assets with comparable change data are growing, fastest at Aquarius. Coverage is 23 of the 48 assets in this theme, through the Q2 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 $858.9B, 58% ahead of PancakeSwap. 5 of 12 assets with comparable change data are growing, fastest at Aquarius. Coverage is 14 of the 48 assets in this theme, through the Q2 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 $842M. Coverage is 18/48; this is network activity, not automatically token-holder income.