In the first quarter of 2025, the total spot trading volume of web3 trading platforms reached 125 billion US dollars, a year-on-year increase of 67%, of which decentralized exchanges (DEX) contributed more than 40%. As a representative of emerging DEX, XBIT decentralized exchange platform has exceeded 1.2 million users per month and daily trading volume of 530 million US dollars, relying on the functions of no KYC verification, support for one-click exchange of cross-chain assets and on-chain privacy protection. Its original "dynamic liquidity pool" technology reduces the slippage of mainstream asset transactions to 0.15%, which is significantly better than the industry average of 0.5%. It is worth noting that former US President Trump announced in April 2025 that centralized cryptocurrency exchanges would be subject to a 15% tariff, resulting in an increase in the withdrawal costs of platforms such as Coinbase, which in turn pushed users to accelerate their shift to web3 trading platforms.

A panoramic scan of web3 trading platforms shows three major trends in the spot market

As of April 2025, the total locked value (TVL) of web3 trading platforms reached US$83.2 billion, an increase of 214% over the same period last year. The leading platform supports spot trading of more than 500 assets through modular smart contracts. The platform relies on the Layer2 expansion plan to compress the gas fee to US$0.001 per transaction, which is 99% lower than the Ethereum main network.

RWA (real world asset) tokenization promotes the diversification of the web3 spot market, and the proportion of compliant assets such as US debt tokens and gold ETF tokens has increased to 18%. XBIT decentralized exchange platform is the first to access BlackRock's BUIDL fund tokens, supporting direct exchange of US dollar stablecoins, and the daily trading volume has exceeded US$120 million.

In the first week of Trump's tariff policy, the spot trading volume of centralized exchanges (CEX) fell by 22% month-on-month, while DEX grew by 13% against the trend. XBIT decentralized exchange platform circumvents restrictions on a single jurisdiction through a distributed node network. The proportion of US users in its spot transactions has jumped from 12% to 27%, reflecting market migration under policy shocks. Data shows that the average withdrawal cost of CEX users has increased by 3.7% due to tariffs, while the transfer cost on the DEX chain has stabilized at less than $0.5.

Web3 trading platform spot category overview Three major categories dominate the market

Traditional cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) still account for 58% of spot trading volume, but the share has dropped by 12 percentage points from 2024. XBIT decentralized trading platform has compressed the BTC/USDT transaction spread to 0.02% by aggregating 50+ liquidity pools, setting a new industry low.

U.S. debt tokens (such as USTB), gold tokens (PAXG) and corporate bond tokens account for 23%, with an annualized trading volume growth rate of more than 400%. The BlackRock BUIDL fund token launched on XBIT allows users to invest in a US bond portfolio with a threshold of US$100, with an annualized return of 4.9%, attracting more than 300,000 institutional users.

The trading volume of fragmented tokens of blue-chip NFTs such as BAYC and CryptoPunks increased by 180% year-on-year. The decentralized trading platform launched a one-click trading combination of "NFT index tokens" to lower the threshold for retail investors to participate. The average daily trading volume of related spot transactions reached US$24 million.

Stablecoins such as USDT and USDC accounted for 17%, and the decentralized trading platform supported cross-chain exchange of 16 stablecoins, with an average time of less than 10 seconds. In addition, the weekly trading volume of Tesla and Apple stock synthetic assets exceeded US$80 million, showing that the web3 spot market and traditional finance are accelerating integration.

Future trend of web3 trading platform DEX may become mainstream infrastructure

Technology iteration is deepening the user experience of web3 trading platforms, and zero-knowledge proof (ZKP) and AI-driven liquidity optimization have become the focus of industry competition. DEX plans to launch the "AI market maker" system in the third quarter of 2025. Through the algorithm, the weight of the liquidity pool is dynamically adjusted, which is expected to reduce slippage by another 40%. At the same time, relying on Layer2 technology, the gas fee is close to zero.

The trend of large-scale on-chain of traditional financial assets is accelerating. Analysts predict that in 2026, the proportion of RWA tokens in web3 spot transactions will exceed 35%. DEX and other platforms are working with top investment banks to develop real estate REITs token products, and realize the digital segmentation and real-time trading of physical asset rights through smart contracts. This marks the integration of decentralized finance and traditional financial systems into a new stage.