In January, CoW Swap seized a 27.21% share of the decentralized exchange (DEX) aggregator market on Ethereum, according to data from The Block.
The AMM protocol came close to the segment leader, 1inch, which holds a 28.4% share.
Trading volume on CoW Swap in January reached nearly $5 billion. This is below December’s peak of $7.8 billion but exceeds historical averages.
The primary trading activity is concentrated on Ethereum, with a monthly turnover of $3.8 billion. Transactions are focused on dollar stablecoins, the native cryptocurrency of the main network, as well as “wrapped” versions of ETH and Bitcoin.
Institutional transactions on CoW Swap in January included purchases by World Liberty Financial of various tokens totaling $90 million.
Kyber (11.44%) and Bebop (10.11%) also increased their market shares.
According to experts from The Block, the efficiency of aggregators in handling large trades will be a decisive factor in future volume shifts within the segment. Protocols offering the most competitive prices and minimal slippage will gain an advantage.
“Recent transactions have demonstrated growing institutional comfort with DEX aggregators for entering and exiting significant positions,” the publication noted.
In January, the total trading volume on decentralized exchanges reached a record $564.56 billion. Solana accounted for $258.74 billion (45.83%), while Ethereum’s figure was $86.107 billion.