The Ethereum DEX aggregator market is entering a more competitive phase as CoW Swap and Kyber climb closer to long-time leader 1inch, signaling a shift in how traders route orders across decentralized exchanges.
TLDR KEY POINTS
- CoW Swap reached 27.21% of Ethereum DEX aggregator market share in January 2025, narrowing the gap with 1inch at 28.4%.
- Kyber and Bebop emerged as mid-tier competitors with 11.44% and 10.11% share respectively, making the field less top-heavy.
- The competitive shift is unfolding on an Ethereum network holding over $118 billion in total value locked, raising the stakes for execution quality.
1inch’s Lead Narrows as CoW Swap Closes In
DEX aggregators scan multiple decentralized exchanges simultaneously to find the best price for a given trade. On Ethereum, where liquidity is fragmented across dozens of protocols, these routing layers determine whether a trader gets a competitive fill or leaves value on the table.
For most of 2024, 1inch held a commanding position. CoW DAO’s own year-end review showed 1inch controlled roughly 40% of the market in January 2024, compared to CoW Swap’s 18%. By December 2024, 1inch had slipped to 35% while CoW Swap climbed to 26.8%.
That trend accelerated into 2025. In January, CoW Swap captured 27.21% of Ethereum DEX aggregator volume, while 1inch held 28.4%, a gap of barely one percentage point.
CoW Swap’s January trading volume reached nearly $5 billion, down from a $7.8 billion peak in December, with $3.8 billion of that turnover concentrated on the Ethereum mainnet.
How Kyber and Bebop Are Reshaping the Mid-Tier
Kyber’s Rise to Double-Digit Share
Kyber climbed to 11.44% of Ethereum aggregator market share in January 2025. The protocol’s routing engine, KyberSwap, has focused on optimizing split trades across concentrated liquidity pools, a strategy that becomes more valuable as Ethereum DeFi protocols increasingly adopt custom fee tiers and tick ranges.
For traders managing larger positions on a network where multiple assets including BTC, ETH, and stablecoins flow through decentralized venues, Kyber’s ability to split orders across fragmented liquidity sources offers a practical advantage.
Bebop’s Batch Auction Model
Bebop reached 10.11% market share in the same period. Its approach centers on request-for-quote systems and batch settlement, which can reduce the MEV (maximal extractable value) that front-runners capture from ordinary traders.
Together, Kyber and Bebop now account for over 21% of the market, making the aggregator landscape meaningfully less concentrated than it was a year earlier.
What This Means for Ethereum Traders
The competitive shift is playing out on the largest DeFi chain by total value locked. Ethereum held over $118 billion in TVL at the time of reporting, providing the deep liquidity base that makes aggregator routing decisions consequential.
ETH itself traded at $2,358.57 with a market cap of roughly $284.7 billion. Despite the scale of the ecosystem, the broader crypto market remained cautious, with the Fear and Greed Index sitting at 23, firmly in Extreme Fear territory.
For traders, a four-way race among aggregators typically translates into tighter spreads, better price improvement, and more aggressive fee competition. When 1inch held 40% of the market, switching costs were higher. With CoW Swap at 27%, Kyber above 11%, and Bebop above 10%, traders have more viable alternatives for execution.
According to an unconfirmed report from The Block, cited secondhand by ForkLog, analysts noted that aggregator efficiency on large trades could be decisive for future volume shifts in the segment. The same reporting suggested growing institutional comfort with DEX aggregators for significant position management, though the original source could not be independently verified.
As crypto-native deal activity continues and protocol-level innovation reshapes how digital assets move, the aggregator layer sits at a critical intersection. Traders routing through Ethereum’s DeFi stack will increasingly benefit from the rivalry between CoW Swap’s batch auction model, Kyber’s liquidity optimization, and Bebop’s MEV-protection approach.
The next inflection point may come when one aggregator pulls decisively ahead on institutional-grade execution, turning a four-way contest into a new market structure entirely.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
