# DEX crypto coins — market cap, protocol fees and revenue

> DEX vs Bitcoin — Relative Strength & Breadth

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.

## Agent research brief

- What matters now: DEX is +20.2% versus Bitcoin over 13 weeks. Only 19% of covered assets are above trend; leadership is narrow.
- Best research lead: PancakeSwap ranks first at 68.1/100 with 91% total evidence and 82% native evidence.
- The contradiction: 13/48 assets clear the native-evidence gate; the rest should not be treated as fundamentally confirmed.
- What to do with it: Keep this as a research queue, not an entry list. The market gate reopens only when Bitcoin trend and sector breadth improve.

Data: price 2026-07-24; protocol 2026-07-24; chain users/transactions unavailable; chain TVL 2026-07-24; market-cap snapshot 2026-07-04.

## 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.

1. PancakeSwap (CAKE): 68.1/100 — Constructive watch · market gate closed; 19.9 + 20.0 + 14.6 + 13.6 = 68.1; evidence 91%; native evidence 82%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
2. Hydration (HDX): 62.4/100 — Illiquid · research only; 34.9 + 16.9 + 5.1 + 5.5 = 62.4; evidence 91%; native evidence 82%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
3. Curve DAO (CRV): 62.2/100 — Constructive watch · market gate closed; 16.9 + 22.3 + 10.8 + 12.2 = 62.2; evidence 91%; native evidence 82%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
4. Pendle (PENDLE): 60.4/100 — Constructive watch · market gate closed; 30.0 + 11.0 + 8.0 + 11.4 = 60.4; evidence 91%; native evidence 82%
   Decision use: Price leads usage. Wait for fees, users or TVL to confirm the move.
5. Sushi (SUSHI): 53.4/100 — Mixed · market gate closed; 12.1 + 18.9 + 12.2 + 10.2 = 53.4; evidence 91%; native evidence 82%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
6. Raydium (RAY): 48.6/100 — Mixed · market gate closed; 17.2 + 4.2 + 15.7 + 11.5 = 48.6; evidence 91%; native evidence 82%
   Decision use: Cheap on network economics while activity contracts: investigate value-capture trap risk.
7. THORChain (RUNE): 34.2/100 — Illiquid · research only; 15.2 + 4.2 + 6.6 + 8.2 = 34.2; evidence 91%; native evidence 82%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
8. Osmosis (OSMO): 32.4/100 — Illiquid · research only; 15.2 + 4.5 + 6.5 + 6.2 = 32.4; evidence 91%; native evidence 82%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
9. Jupiter (JUP): 31.2/100 — Illiquid · research only; 14.0 + 11.1 + 5.3 + 0.8 = 31.2; evidence 54%; native evidence 64%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
10. Aerodrome Finance (AERO): 30.2/100 — Illiquid · research only; 4.0 + 13.3 + 10.4 + 2.5 = 30.2; evidence 87%; native evidence 74%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
11. Orca (ORCA): 68.3/100 — Tape-led · on-chain proof incomplete; 29.2 + 13.9 + 14.5 + 10.7 = 68.3; evidence 72%; native evidence 44%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
12. Meteora (MET): 68/100 — Illiquid · research only; 34.0 + 13.0 + 14.0 + 7.0 = 68.0; evidence 63%; native evidence 26%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
13. DODO (DODO): 59.3/100 — Tape-led · on-chain proof incomplete; 26.0 + 15.0 + 10.0 + 8.3 = 59.3; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
14. Frax (prev. FXS) (FRAX): 58.9/100 — Illiquid · research only; 25.3 + 15.0 + 10.0 + 8.6 = 58.9; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
15. CoW Protocol (COW): 58.6/100 — Illiquid · research only; 17.5 + 21.6 + 13.1 + 6.4 = 58.6; evidence 44%; native evidence 64%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
16. Velodrome Finance (VELO): 57.2/100 — Illiquid · research only; 26.1 + 15.0 + 10.0 + 6.1 = 57.2; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
17. 1INCH (1INCH): 55.4/100 — Tape-led · on-chain proof incomplete; 20.6 + 14.0 + 10.0 + 10.8 = 55.4; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
18. Magma Finance (MAGMA): 52.1/100 — Illiquid · research only; 22.0 + 15.0 + 10.0 + 5.1 = 52.1; evidence 43%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
19. Aster (ASTER): 52.1/100 — Illiquid · research only; 17.5 + 15.0 + 10.0 + 9.6 = 52.1; evidence 12%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
20. Uniswap (UNI): 51.7/100 — Mixed · market gate closed; 17.5 + 13.3 + 8.8 + 12.1 = 51.7; evidence 47%; native evidence 70%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
21. Baseline (B): 50.9/100 — Tape-led · on-chain proof incomplete; 17.4 + 16.0 + 10.0 + 7.5 = 50.9; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
22. Hyperliquid (HYPE): 50.2/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.2 + 10.0 + 7.5 = 50.2; evidence 5%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
23. APEX (APEX): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
24. Based (BASED): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
25. Infinex (INX): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
26. Lighter (LIT): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
27. Yei Finance (CLO): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
28. VVS Finance (VVS): 49.8/100 — Illiquid · research only; 16.9 + 15.0 + 10.0 + 7.9 = 49.8; evidence 42%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
29. Aquarius (AQUA): 49.3/100 — Illiquid · research only; 13.6 + 19.5 + 10.0 + 6.2 = 49.3; evidence 59%; native evidence 18%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
30. Bancor Network (BNT): 48.5/100 — Illiquid · research only; 15.2 + 15.0 + 10.0 + 8.3 = 48.5; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
31. Falcon Finance (FF): 48.4/100 — Illiquid · research only; 17.5 + 15.0 + 10.0 + 5.9 = 48.4; evidence 12%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
32. Momentum (MMT): 47.7/100 — Illiquid · research only; 17.5 + 12.5 + 10.9 + 6.8 = 47.7; evidence 30%; native evidence 36%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
33. Gnosis (GNO): 46.5/100 — Illiquid · research only; 15.1 + 13.4 + 10.0 + 8.0 = 46.5; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
34. 0x Protocol (ZRX): 45/100 — Tape-led · on-chain proof incomplete; 10.8 + 15.0 + 10.0 + 9.2 = 45.0; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
35. Synthetix (SNX): 43.9/100 — Tape-led · on-chain proof incomplete; 9.1 + 15.0 + 10.0 + 9.8 = 43.9; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
36. HumidiFi (WET): 43.7/100 — Tape-led · on-chain proof incomplete; 10.2 + 15.0 + 10.0 + 8.5 = 43.7; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
37. Kyber Network Crystal (KNC): 43.5/100 — Illiquid · research only; 9.7 + 15.0 + 10.0 + 8.8 = 43.5; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
38. Elephant Money (ELEPHANT): 42.8/100 — Illiquid · research only; 14.0 + 15.0 + 10.0 + 3.8 = 42.8; evidence 16%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
39. dYdX (DYDX): 41.1/100 — Tape-led · on-chain proof incomplete; 8.6 + 13.5 + 10.0 + 9.0 = 41.1; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
40. STON (STON): 41.1/100 — Lagging · market gate closed; 17.5 + 7.0 + 9.1 + 7.5 = 41.1; evidence 41%; native evidence 82%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
41. o1.exchange (O): 40.5/100 — Illiquid · research only; 16.9 + 15.0 + 4.1 + 4.5 = 40.5; evidence 55%; native evidence 26%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
42. ChangeNOW (NOW): 39.1/100 — Illiquid · research only; 9.5 + 15.0 + 10.0 + 4.6 = 39.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
43. Cetus Protocol (CETUS): 37.6/100 — Illiquid · research only; 6.6 + 15.0 + 10.0 + 6.0 = 37.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
44. WOO (WOO): 37.5/100 — Illiquid · research only; 7.8 + 15.0 + 10.0 + 4.7 = 37.5; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
45. Tokenlon (LON): 33.2/100 — Illiquid · research only; 4.3 + 15.0 + 10.0 + 3.9 = 33.2; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
46. edgeX (EDGE): 28.6/100 — Illiquid · research only; 1.9 + 15.0 + 10.0 + 1.7 = 28.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
47. CoinEx (CET): 27.9/100 — Illiquid · research only; 0.0 + 14.6 + 10.0 + 3.3 = 27.9; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
48. Definitive (EDGE): 27.7/100 — Illiquid · research only; 1.9 + 15.0 + 9.1 + 1.7 = 27.7; evidence 63%; native evidence 26%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

## Which projects are generating the most network fees?

What the numbers say: 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.

- Uniswap (UNI): $842.0M
- Meteora (MET): $382.7M
- PancakeSwap (CAKE): $276.8M
- Raydium (RAY): $201.3M
- Aerodrome Finance (AERO): $138.7M

## Which projects convert activity into protocol revenue?

What the numbers say: 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.

- Aerodrome Finance (AERO): $106.9M
- PancakeSwap (CAKE): $89.5M
- Curve DAO (CRV): $37.1M
- Jupiter (JUP): $37.0M
- Raydium (RAY): $29.8M

## Where is capital actually committed on-chain?

What the numbers say: 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.

- Uniswap (UNI): $3.1B
- PancakeSwap (CAKE): $1.9B
- Hyperliquid (HYPE): $1.4B
- Falcon Finance (FF): $1.3B
- Curve DAO (CRV): $1.2B

## Which protocols are winning trading activity?

What the numbers say: 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.

- Uniswap (UNI): $858.9B
- PancakeSwap (CAKE): $544.5B
- HumidiFi (WET): $197.3B
- Raydium (RAY): $161.7B
- Orca (ORCA): $147.0B

## Every asset

- PancakeSwap (CAKE) — 90d -7.2%; RS-BTC +10%; score 68.1; activity protocol
- Hydration (HDX) — 90d +77%; RS-BTC +95%; score 62.4; activity protocol + chain TVL
- Curve DAO (CRV) — 90d -9.7%; RS-BTC +7.7%; score 62.2; activity protocol
- Pendle (PENDLE) — 90d +15%; RS-BTC +32%; score 60.4; activity protocol
- Sushi (SUSHI) — 90d -26%; RS-BTC -8.3%; score 53.4; activity protocol
- Raydium (RAY) — 90d -9.5%; RS-BTC +7.9%; score 48.6; activity protocol
- THORChain (RUNE) — 90d -13%; RS-BTC +4.3%; score 34.2; activity protocol + chain TVL
- Osmosis (OSMO) — 90d -4.8%; RS-BTC +13%; score 32.4; activity protocol + chain TVL
- Jupiter (JUP) — 90d —; RS-BTC —; score 31.2; activity protocol
- Aerodrome Finance (AERO) — 90d -42%; RS-BTC -24%; score 30.2; activity protocol
- Orca (ORCA) — 90d +5.1%; RS-BTC +22%; score 68.3; activity protocol
- Meteora (MET) — 90d +55%; RS-BTC +72%; score 68; activity protocol
- DODO (DODO) — 90d -1.5%; RS-BTC +16%; score 59.3; activity tape only
- Frax (prev. FXS) (FRAX) — 90d -0.1%; RS-BTC +17%; score 58.9; activity tape only
- CoW Protocol (COW) — 90d —; RS-BTC —; score 58.6; activity protocol
- Velodrome Finance (VELO) — 90d +26%; RS-BTC +44%; score 57.2; activity tape only
- 1INCH (1INCH) — 90d -10.0%; RS-BTC +7.5%; score 55.4; activity protocol
- Magma Finance (MAGMA) — 90d +57%; RS-BTC +75%; score 52.1; activity tape only
- Aster (ASTER) — 90d —; RS-BTC —; score 52.1; activity tape only
- Uniswap (UNI) — 90d —; RS-BTC —; score 51.7; activity protocol
- Baseline (B) — 90d +35%; RS-BTC +53%; score 50.9; activity protocol
- Hyperliquid (HYPE) — 90d —; RS-BTC —; score 50.2; activity chain TVL
- APEX (APEX) — 90d —; RS-BTC —; score 50; activity tape only
- Based (BASED) — 90d —; RS-BTC —; score 50; activity tape only
- Infinex (INX) — 90d —; RS-BTC —; score 50; activity tape only
- Lighter (LIT) — 90d —; RS-BTC —; score 50; activity tape only
- Yei Finance (CLO) — 90d —; RS-BTC —; score 50; activity tape only
- VVS Finance (VVS) — 90d 0.0%; RS-BTC +17%; score 49.8; activity tape only
- Aquarius (AQUA) — 90d -14%; RS-BTC +3.1%; score 49.3; activity protocol
- Bancor Network (BNT) — 90d -14%; RS-BTC +3.4%; score 48.5; activity tape only
- Falcon Finance (FF) — 90d —; RS-BTC —; score 48.4; activity protocol
- Momentum (MMT) — 90d —; RS-BTC —; score 47.7; activity protocol
- Gnosis (GNO) — 90d -13%; RS-BTC +4.2%; score 46.5; activity chain TVL
- 0x Protocol (ZRX) — 90d -27%; RS-BTC -9.1%; score 45; activity tape only
- Synthetix (SNX) — 90d -28%; RS-BTC -10%; score 43.9; activity tape only
- HumidiFi (WET) — 90d -35%; RS-BTC -17%; score 43.7; activity protocol
- Kyber Network Crystal (KNC) — 90d -23%; RS-BTC -5.9%; score 43.5; activity tape only
- Elephant Money (ELEPHANT) — 90d —; RS-BTC —; score 42.8; activity protocol
- dYdX (DYDX) — 90d -24%; RS-BTC -6.1%; score 41.1; activity chain TVL
- STON (STON) — 90d —; RS-BTC —; score 41.1; activity protocol
- o1.exchange (O) — 90d 0.0%; RS-BTC +17%; score 40.5; activity protocol
- ChangeNOW (NOW) — 90d -29%; RS-BTC -12%; score 39.1; activity tape only
- Cetus Protocol (CETUS) — 90d -38%; RS-BTC -21%; score 37.6; activity tape only
- WOO (WOO) — 90d -37%; RS-BTC -20%; score 37.5; activity tape only
- Tokenlon (LON) — 90d -36%; RS-BTC -18%; score 33.2; activity tape only
- edgeX (EDGE) — 90d -57%; RS-BTC -39%; score 28.6; activity tape only
- CoinEx (CET) — 90d -57%; RS-BTC -40%; score 27.9; activity protocol + chain TVL
- Definitive (EDGE) — 90d -57%; RS-BTC -39%; score 27.7; activity protocol

## Limitations

- 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.

## FAQs

### 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.

### Which are the biggest DEX crypto coins by market cap?

Hyperliquid is the largest DEX crypto coin by market capitalisation at $15.8B, ahead of Uniswap at $2B and Aster at $1.7B. The 48 DEX coins on this page carry $24.7B between them, with a market-cap figure on file for 48 of them. Market-cap metadata is dated 2026-07-04.