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The crypto industry today is almost unrecognizable from 7 years ago, both in size and scale. Just for decentralized exchanges (DEX), trading volume grew roughly 9,260x from 2019 to a record $4.7 trillion in 2025. In 2026, however, activity moderated to $1.63 trillion year-to-date.
It’s not down to one chain or sector. Liquidity is now distributed across more blockchains, venue types, protocols, and execution environments, without one clearly replacing the others.
SwapSpace recently published its State of Crypto Swaps 2026 report, which shows the massive extent of this growth. One of the clearest findings comes from its own platform data. Over 90.12% of its users interacted with more than one blockchain network in 2026.
At the same time, survey respondents did not identify DEXs, CEXs, or aggregators as universally offering the best rates.
The findings clearly show that the market today offers more execution options, and no single venue, network, or liquidity
90% of SwapSpace Users Are Multichain
SwapSpaceis a crypto exchange aggregator that lets users compare rates across different swap services and exchange different crypto through a single interface. So, the platform has a notable vantage point of how users today interact across different chains.
Among SwapSpace users, multichain activity is not marginal. Between 2022 and 2026, the share of users interacting with more than one network ranged from 72.50% to 93.66%.
It reached its lowest point at 72.50% in 2024, before rising to 90.12% in 2026. Even at the low point of the observed period, nearly three-quarters of users interacted with more than one blockchain.
These figures provide a platform-level view of how users operate in a market where assets and liquidity are spread across multiple networks.
The broader DEX market shows a similar redistribution of activity. According to DeFiLlama data cited in the SwapSpace report, Ethereum accounted for 46.2% of global DEX volume in 2021, while BNB Chain represented another 39.6%.
SwapSpace’s internal activity data shows a similar lack of a permanent leader. Ethereum led platform activity from 2020 through 2024, Solana moved into first place in 2025, and BNB Chain led in 2026.
Taken together, the data shows that multichain activity is taking place in a market where liquidity leadership continues to shift between ecosystems.
Source: finance.yahoo.com