Decentralized exchange (DEX) trading volumes have increased significantly, rising from 2% in 2022 to over 13% by October 2025. This growth has been driven by platforms like Hyperliquid, which boosted liquidity with a 310 million token airdrop in late 2024. New entrants such as Aster DEX and Avantis Finance have also contributed by enhancing speed, liquidity, and user experience, further solidifying the role of DEXs in the crypto market.