One Chain, Many DEXs: How DeFi Users Navigate BNB Chain

BNB Chain is leading the charge in decentralized trading in 2025. With massive volumes, low fees, and a thriving user base, it’s the go-to chain for DEX activity. PancakeSwap remains the top DEX—but it's far from the only platform offering value.

BNB Chain’s DEX Dominance

BNB Chain accounts for over 40% of global DEX trading volume, with $178B in monthly volume as of May 2025. Perpetual trading reached $17.7B, the highest in 15 months. On the user side, BSC logged 2 million daily active users, with opBNB adding another 2.03 million. Monthly transactions hit 402.1 million.

What's driving this dominance?

• Ultra-low fees - as low as $0.01 per transaction.
• Faster block times - reduced from 3 seconds to 0.75 seconds after the Pascal, Lorentz, and Maxwell hardforks.
• Ecosystem growth - through initiatives like the $100M incentive fund, meme campaigns, and Binance Alpha partnerships to boost token liquidity.

PancakeSwap: Still the Ecosystem Leader

PancakeSwap continues to lead BNB Chain’s DEX landscape, hitting a record $420.45B in trading volume during H1 2025 (as of June 19). It also introduced several upgrades to maintain its edge:

• PancakeSwap Infinity (rebranded from V4): Now supports multiple liquidity pool types and fully customizable fee structures.
• Gas fee optimization: Pool creation costs reduced by up to 99%; swaps involving native tokens use 50% less gas.
• Multichain expansion: Active on Ethereum, Base, and other chains—while still dominant on BNB Chain.

Expanding the DEX Toolbox: What Else Is Out There?

Exploring other DEXs on BNB Chain doesn’t mean leaving PancakeSwap—it means seeing what else suits your needs. Here are three standout platforms:

Uniswap: Custom Logic and Dynamic Fees

Uniswap, originally an Ethereum native, has gained traction on BNB Chain since deploying in 2023. It now supports both V3 and V4 liquidity pools and benefits from BNB Chain's lower fees and faster speeds.

Recent updates:

• Hooks in V4: Unlock dynamic fees and customizable liquidity pool logic
• Strong traction: Daily trading volume hit $132M in March 2025 (vs. PancakeSwap’s $254M)
• Seamless integration: Fully adapted to BNB Chain infrastructure

DODO: Better Price Discovery with PMM

DODO stands out with its Proactive Market Maker (PMM) model—designed to improve price discovery and reduce slippage compared to traditional AMMs. The platform also aggregates liquidity via its Smart Trade system.

Key milestones:

• Bird Layer Mainnet: A cross-chain relay for seamless liquidity
• DEXpert V2: A toolkit for DEX operations on public chains

THENA: Native Liquidity with Real Yield

THENA has become a key player on BNB Chain, positioning itself as the native liquidity layer through its ve(3,3) tokenomics, which has gained recognition for its concentrated liquidity solutions and suite of DeFi products.

2025 highlights:

• Capital efficiency: Thanks to Algebra Protocol’s concentrated liquidity model
• V3,3 upgrade: Added flexible plugins set including Volatility-based Fees, Sliding Fee Scale, and Brevis ZK Discount Plugin
• SuperApp potential: Backed by YZi Labs (formerly Binance Labs)
• Revenue sharing: Returns most protocol fees to veTHE holders, creating strong incentive alignment.
• Full ecosystem: Includes a perpetual DEX, ARENA (social trading), and cross-chain features

A Maturing DeFi Landscape

The rise of multiple successful DEXs signals real ecosystem maturity:

• Innovation thrives through competition
• Specialized use cases are served by dedicated platforms
• Overall trading volume and liquidity are trending up

Final Thoughts

BNB Chain’s DEX scene has never been more active—or more diverse. PancakeSwap continues to lead with volume and innovation, but platforms like DODO, THENA, and Uniswap each bring something unique.

Exploring multiple DEXs doesn’t mean replacing PancakeSwap. It means expanding your options to match your trading strategy, token preferences, and yield goals.