DEX Trading Slumps 31.87% Despite Strong Activity From Uniswap and PancakeSwap

The decentralized exchange (DEX) industry had a total weekly trading volume of $59.51 billion which is the latest market snapshot provided by Phoenix Group as of February 20, 2026. The market had experienced a very steep weekly 31.87% drop in activity, in spite of the high aggregate number, an indicator of more extensive cooling of the crypto markets.

TOP #DECENTRALIZED EXCHANGES BY WEEKLY TRADING VOLUME #Uniswap #PancakeSwap #Raydium #Aerodrome #Orca #Balancer #Meteora #Curve #Hyperliquid pic.twitter.com/hXrGqlhddm

— PHOENIX – Crypto News & Analytics (@pnxgrp) February 20, 2026

Meanwhile, DEX and CEX supremacy were at 14.63%, meaning that centralized exchanges still take control of the largest portion of trading operations. Nevertheless, decentralized platforms continue to form one of the most essential pillars of on-chain liquidity especially to DeFi-native users and token ecosystems.

Uniswap Maintains Clear Lead Across DEX Platforms

Uniswap was again voted the biggest decentralized volume exchange. The platform also achieved a trading volume of $12.49 billion seven day trading and $2.10 billion 24 hour trading which is much higher than that of its rivals.

The deep liquidity pools and wide multi-chain coverage of the protocol still remain appealing to traders even when the market is slowing down. Its weekly performance contributed a considerable part to the overall DEX activity, which proves its dominance in decentralized finance.

PancakeSwap and Raydium Strengthen Multi-Chain Competition

PancakeSwap was placed second with the weekly volume of $4.66 billion and the 24-hour volume of $582.36 million. The exchange is still enjoying high activity in BNB Chain and other networks supported, which keeps it relevant in both the retail and ecosystem-driven trading flows.

Raydium came in the third place with an initial balance of $2.27 billion in weekly volume and $413.10 million daily volume. With Raydium being one of the primary liquidity destinations in the Solana ecosystem, it is likely to continue acting as one of the hubs of token launches and on-chain swaps, especially with Solana-based activity stabilizing following a recent downturn.

Aerodrome, Orca, and Balancer Hold Mid-Tier Positions

Aerodrome closed with $1.93 billion in weekly trading volume as well as $250.78 million in 24-hour activity. The platform is still building its presence as a liquidity engine in developing Layer-2 ecosystems.

Another DEX native to Solana, orca, had $1.63 billion weekly volume and $230.44 million within the last day. Its steady performance reflects guaranteed popularity of Solana-based decentralized trading pairs.

Balancer recorded weekly volume of $1.08 billion backed by daily trades of $211.88 million. Having a reputation of customizable liquidity pools and weighted token models, Balancer continues to have a stable institutional and DeFi-native activity even in weaker markets.

Meteora and Curve Reflect Shifting Liquidity Dynamics

Meteora created a volume of 7 day trading of $1.01 billion and 24-hour volume of $134.71 million. This protocol has been popularized via dynamic liquidity solutions and focused liquidity solutions that are capital efficient.

Curve made $935 million in weekly trade and $199.02 in daily trades. Its seven-day total saw it fall short of the $1 billion mark, but its daily value shows it was being used in stablecoin and correlated-asset swaps. Curve has continued to be a backbone of DeFi liquidity, especially in stable trading pairs.

Hyperliquid Rounds Out Top DEX Rankings

Hyperliquid also featured in the top rankings with the trading volume being at 828 million weekly and 90.70 million 24-hour activity. The platform has been building up its niche in decentralized perpetuals and sophisticated trading infrastructure.

Despite an overall DEX market contraction of 31.87% per week, total activity of more than $59 billion indicates the strength of the sector. The 14.63% DEX versus CEX dominance figure indicates that centralized exchanges are in the dominant position in terms of aggregate market share, but the decentralized venues remain capturing significant liquidity during the bullish and corrective cycles.

With volatility reentering the digital asset markets, liquidity does appear to be concentrated to the top platforms including Uniswap, PancakeSwap, and Raydium, which implies that traders will find comfort in established infrastructure when uncertain. The next few weeks will show whether the trading volumes will stabilize or further decline.