Key Points – Trading volume across decentralized-exchange aggregators fell roughly 40% in the first quarter of 2026, according to DefiLlama and Messari data. – The market is consolidating, with different aggregators dominant on different chains: Jupiter on Solana, KyberSwap and…
wSwap on Ethereum, and 1inch across chains by cumulative volume. – Trading is shifting toward “intent-based” execution; 1inch’s Fusion system fell far less than its older protocol during the downturn. Decentralized-exchange aggregators, the tools that route on-chain trades to the best available price across dozens of venues, saw volume fall sharply this year, even as the market consolidated around a handful of leaders and shifted toward a new way of executing trades
Daily aggregator volume dropped about 40% quarter-over-quarter in the first quarter of 2026, from roughly $4.6 billion to $2.7 billion, according to Messari and live data from DefiLlama. Activity did not spread evenly. It concentrated, with each aggregator dominant on a different chain. 1inch: the cumulative leader 1inch is the largest DEX aggregator by cumulative volume, having processed hundreds of billions of dollars in lifetime swaps across roughly a dozen chains while drawing prices from more than 350 liquidity sources.
It also operates as infrastructure for much of the industry: its routing is built into widely used wallets including MetaMask, Ledger, Trust Wallet and Trezor, so many users trade through 1inch without ever opening its app. It added Solana support in 2025, extending its reach to one of the busiest trading chains. The company was also early to the sector’s biggest shift.