Weekly DEX volume shows significant decline
The decentralized exchange sector saw a pretty steep drop in activity last week, with total trading volume falling by nearly a third. According to data from Phoenix Group, the weekly volume came in at $59.51 billion as of February 20, 2026. That’s still a massive number, of course, but the 31.87% decline suggests something’s shifting in the broader crypto markets.
What’s interesting, I think, is that despite this overall contraction, the dominance of decentralized exchanges compared to centralized ones remained at 14.63%. That means centralized platforms still handle the vast majority of trading, which isn’t too surprising when you consider their longer history and institutional adoption. But decentralized exchanges continue to serve as crucial infrastructure for on-chain liquidity, especially for DeFi users and token ecosystems that rely on permissionless trading.
Uniswap maintains clear leadership position
Uniswap continues to dominate the DEX landscape, posting $12.49 billion in weekly volume and $2.10 billion in daily trading. That’s significantly higher than any other decentralized platform. Even with the market slowing down, Uniswap’s deep liquidity pools and multi-chain presence keep attracting traders. Its performance accounted for a substantial portion of the overall DEX activity, which really underscores its position in decentralized finance.
PancakeSwap came in second with $4.66 billion weekly volume and $582.36 million in 24-hour trading. The platform remains active across BNB Chain and other supported networks, maintaining relevance for both retail traders and ecosystem-driven activity. Raydium took third place with $2.27 billion weekly and $413.10 million daily volume. As a primary liquidity destination in the Solana ecosystem, Raydium continues to serve as a hub for token launches and on-chain swaps, especially as Solana-based activity stabilizes after recent volatility.
Mid-tier platforms show varied performance
Aerodrome recorded $1.93 billion in weekly trading volume with $250.78 million in daily activity. The platform is still establishing itself as a liquidity provider in developing Layer-2 ecosystems. Orca, another Solana-native DEX, posted $1.63 billion weekly volume and $230.44 million in the last day. Its steady performance reflects ongoing interest in Solana-based trading pairs.
Balancer managed $1.08 billion in weekly volume backed by $211.88 million in daily trades. Known for its customizable liquidity pools and weighted token models, Balancer maintains stable activity from institutional and DeFi-native users even during weaker market conditions.
Specialized platforms adapt to changing conditions
Meteora generated $1.01 billion in weekly volume and $134.71 million in 24-hour trading. The protocol has gained attention through its dynamic liquidity solutions and capital-efficient approaches. Curve recorded $935 million in weekly trades and $199.02 million in daily activity. While its seven-day total fell just short of the $1 billion mark, its daily volume suggests continued use for stablecoin and correlated-asset swaps. Curve remains a foundational piece of DeFi liquidity infrastructure.
Hyperliquid rounded out the top rankings with $828 million in weekly volume and $90.70 million in 24-hour activity. The platform has been developing its niche in decentralized perpetuals and sophisticated trading infrastructure.
Despite the overall market contraction, the fact that DEX activity still exceeds $59 billion weekly indicates the sector’s underlying strength. With volatility returning to digital asset markets, liquidity appears to be concentrating toward established platforms like Uniswap, PancakeSwap, and Raydium. This suggests traders might be seeking comfort in familiar infrastructure during uncertain times. The coming weeks will reveal whether trading volumes stabilize or continue their downward trend.
