According to CoinGecko data, Uniswap reclaimed the top spot among centralized exchanges (DEXs) in August 2025 with a monthly trading volume of $111.8 billion, accounting for 35.9% of the market share, a 28.3% increase from July. PancakeSwap fell to second place, with $92 billion in trading volume and a 29.5% market share in August, a sharp drop of -44.7% month-over-month. The platform previously benefited from Binance Alpha 2.0 incentives, reaching a peak of $254.8 billion in June, briefly surpassing Uniswap. Aerodrome on the Base Chain ranked third with $22.9 billion and a 7.4% market share, a 28% increase. Hyperliquid emerged as the biggest dark horse, with $21.4 billion in trading volume in August, a 129.3% surge month-over-month. Its market share rose to 6.9%, making it the fourth-largest DEX and surpassing platforms like Orca and Raydium on Solana for the first time.