The Migration of On-Chain Liquidity: 15 Months of Ups and Downs, Who Stands Out After the Hype Ebbs?

The Migration of On-Chain Liquidity: 15 Months of Ups and Downs, Who Stands Out After the Hype Ebbs?
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By Stacy

MuurCompiler: Tim, PANews

Over the past 15 months, the DeFi liquidity landscape has been reshaped across chains, with projects driven by the hype fazing gradually phasing out of the stage, and liquidity has quietly concentrated in places where fundamentals are strong rather than market hype.

Key Takeaways

  • After hitting an all-time high of $380 billion in January 2025, DEX trading volume fell 35% in the following two months, suggesting that January may have formed a short-term top.
  • Currently, the top 10 DEXs account for nearly 80% of the total trading volume; Uniswap and PancakeSwap alone account for about 40% of the share.
  • Solana-based DEXs have quietly dominated the charts, with 5 spots in the top 10, and their market share growth is mainly driven by the trading volume brought about by the meme coin boom.
  • Hyperliquid has revolutionised the landscape of perpetual contracts, rising from a rookie in the industry to capturing more than 60% of the market share by March 2025.

All insights are based on publicly available data. Special thanks to DefiLlama for the high-quality statistics that continue to provide.

A

cycle defined by surge and slowdown

, DEX trading volume was strong in March and May, followed by a gradual slowdown by the middle of the year.

The situation changed dramatically in the fourth quarter, with a surge in trading volume in November and December, and this momentum continued into January 2025, when it reached an explosive peak of $380 billion.

However, the rally was short-lived. By February, market volume had plummeted to $245 billion, and the 35% precipitous drop ended a three-month vertical spike. The pullback set the tone for a more cautious second quarter.

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