The DEX landscape is undergoing changes, with the market share of the veteran decentralized exchange Uniswap dropping from over 50% in October 2023 to the current 36%.

As Uniswap's share continues to shrink, Base Layer 2 is rapidly growing, with Aerodrome occupying 7% of the market share and Orca's market share increasing from 9% at the beginning of the year to 12% last month.

Analysts say that smaller DEXs are gradually eating into Uniswap's market share, indicating a sustainable change as users seek out and turn to more competitive DEXs that have long-term advantages rather than short-term incentives.