How crypto swaps changed over 7 years: 5 findings from SwapSpace research

The research traces the market from 2019 to 2026: the growth of DEX trading, the balance between DEXs and CEXs, how users compare exchanges and providers, and what triggers a swap.

DEX volume grew 9,000x, then corrected

DeFiLlama data used in the research shows that annual DEX volume rose from $507.5 million in 2019 to $4.70 trillion in 2025. At the 2025 average pace, DEXs processed more in one hour than in all of 2019.

The market did not stay at that peak. DEX volume reached $1.63 trillion year-to-date in 2026 as the broader crypto market corrected. The seven-year increase is clear, but trading activity still moves in cycles.

DEXs gained share while CEXs remained central

CoinGecko data shows that DEXs accounted for 6.9% of spot trading volume in January 2024. Their share reached 24.5% in June 2025, then fell to 13.6% in January 2026. DEXs expanded as an execution venue without replacing CEXs.

No single venue wins on rates

SwapSpace's 2025 user survey asked 750 active users which type of service offered the best rates in their experience. Answers were split between DEXs, CEXs, aggregators, and "depends on the situation." No category emerged as a clear winner.

Price was only part of the choice. In the same survey, 61.86% of respondents valued the best rate, 52.51% valued multichain access, and 39.91% valued rare-token support.

Repeat users switch providers

SwapSpace platform data shows that 70% of users who completed at least two exchanges chose a different liquidity provider for the next transaction. Rates, supported assets, networks, fees, and available liquidity vary by exchange, so provider choice changes with the route.

Influencer signals rank last among swap triggers

The 2025 user survey covered five swap triggers. Sudden price movements and portfolio rebalancing were the leading reasons respondents gave for swapping. Influencer signals ranked last.

What this means for crypto swaps

Seven years of data show that crypto swaps did not converge on one winning model. DEX trading expanded, but centralized exchanges kept most spot volume. Users also compared both exchange types and individual liquidity providers instead of settling on one route. There is no default winner: the best option depends on the asset pair, network, amount, fees, and liquidity available at that moment.

Explore the full research

Read The State of Crypto Swaps 2026 for the full methodology, year-by-year market data, platform findings, and survey results.