The decentralized exchange (DEX) aggregator market on Ethereum is undergoing significant changes, shifting from a previously dominant single-protocol landscape to a more decentralized competitive structure. Currently, Kyber Network holds the top position with approximately 31% market share, followed closely by CowSwap at around 22%. Meanwhile, 1inch has seen a substantial decline in its market share, dropping from about 30% to 15%.
This shift is closely linked to the reduction of early liquidity mining incentives, reflecting a gradual change in user trading motivations from 'incentive-driven' to a greater focus on 'real trading experience.'
It is worth noting that the above statistics only include trades initiated directly through aggregators and do not fully capture the actual influence of protocols that serve as underlying routing infrastructure.