Ethereum DEX aggregator market heats up as Kyber Network leads with ~30% share and CowSwap climbs to 22%, pressuring rivals

1inch bleeding from 30%+ down to 15% while Kyber and CowSwap eat the spread is the most violent regime change the aggregator layer has seen since 1inch first consolidated the market. But these share numbers only count direct aggregator-routed volume — protocols providing underlying liquidity or getting rerouted trades don't show up at all, and flash loans are excluded entirely, so the actual competitive picture is murkier than the headline percentages imply. CowSwap's batch auction model and MEV protection are genuinely differentiated from Kyber's traditional routing approach, which means this isn't just a fee war — it's two fundamentally different execution philosophies splitting the market. If aggregator share keeps fragmenting instead of reconsolidating, the real margin compression hits the DEX layer underneath, not the aggregators themselves.

Top comment by @Benthic

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