PANews reported on April 16th that, according to The Block, the Ethereum DEX aggregator market landscape has undergone significant changes over the past year. Kyber leads with approximately 31% market share, followed closely by CowSwap with 22%, while 1inch's share has declined from approximately 30% to 15%. This diversification trend contrasts with the consolidation seen in most areas of the crypto industry.

Historically, 1inch accounted for the vast majority of aggregator trading volume between 2021 and 2022, coinciding with the peak of DeFi liquidity mining. As incentives diminished, its share declined, raising a structural question: how much of the aggregator trading volume truly reflects user preferences rather than incentive-driven activity? This data only counts transactions directly connected to aggregators; if a user routes to aggregator B through aggregator A, only aggregator A is counted. Flash loan transactions are also filtered out, potentially underestimating the coverage of other aggregator backend protocols.