Ethereum Aggregator Competition Intensifies, Kyber and CowSwap Lead, 1inch's Share Declines

Odaily News: The market structure of DEX aggregators on Ethereum has shifted, moving from a single protocol dominance in the past to a more fragmented competitive landscape.

Currently, Kyber Network leads with approximately 31% market share, followed closely by CowSwap at around 22%, while 1inch's share has dropped from about 30% to 15%.

Analysis suggests this change is related to the waning of early liquidity mining incentives and also reflects a gradual shift in user behavior from being "incentive-driven" to being driven by "genuine trading experience."

It is worth noting that the statistics only include transactions initiated directly through aggregators and do not fully reflect the actual influence of protocols serving as underlying routing infrastructure.