In the fast-paced world of crypto, staying ahead means keeping an eye on the platforms where the action happens—decentralized exchanges, or DEXs. These are peer-to-peer marketplaces built on blockchain tech that let you trade tokens without a middleman, often making them hotspots for emerging meme tokens. Recently, Spencer Noon, the founder of OurNetwork, dropped a tweet pointing to their latest newsletter issue diving deep into the DEX scene. If you're into meme tokens, this is worth a read because DEXs are where many memes first gain traction through wild trading volumes.

The tweet, which you can check out here, highlights a comprehensive sector overview from Token Terminal alongside spotlights on four standout DEXs: Velodrome, DragonSwap, Shadow Exchange, and Ekubo Protocol. Let's break it down and see why this matters for meme token enthusiasts.

Surging DEX Activity: A Boon for Meme Tokens

According to Token Terminal's data in the newsletter, DEX trading hit an all-time high in Q2 2025, with volumes topping $1 trillion—a whopping 100% jump from the previous year. BNB Chain dominated with about 50% of the action, followed by Solana and Ethereum. The big players? PancakeSwap, Uniswap, and Raydium handled around 80% of that volume.

Why does this excite meme token traders? Meme tokens thrive on hype and quick flips, and DEXs on chains like Solana and BNB are perfect for that. High volumes mean better liquidity, which reduces slippage— that annoying price change when you execute a trade. More activity also attracts more projects, including the next big meme coin.

Velodrome: Cross-Chain Swaps Level Up

Velodrome operates across 11 "superstack" chains, including Optimism and Unichain. Its TVL (total value locked, basically the amount of crypto stashed in the protocol) stayed steady in Q3 2025, with Optimism leading at up to $123 million. But the real game-changer is their "superswaps" feature, launched in June, which allows seamless cross-chain trading using Hyperlane. This has already racked up $901k in volume.

For meme tokens, cross-chain capabilities mean you can chase trends across ecosystems without hassle. Imagine snagging a hot meme on Optimism and flipping it on another chain—all in one go. This efficiency could spark more meme crossovers and broader adoption.

DragonSwap: Speed and Volume on Sei

As the top DEX on the Sei network, DragonSwap has crushed milestones, hitting $3.2 billion in cumulative volume and ranking in DeFiLlama's top 50. It boasts over 260k users and $8.41 million in fees generated. Sei's focus on speed makes it ideal for high-frequency trading, which is meme token territory.

Meme tokens often rely on rapid pumps and dumps, and DragonSwap's quick transaction times could make it a go-to for traders looking to capitalize on viral moments. With volumes doubling fast, it's a sign that meme-friendly chains are heating up.

Shadow Exchange: Dominating Sonic with Governance Twists

On the Sonic ecosystem, Shadow Exchange holds over 65% of DEX volume despite a dip in its token price. Interestingly, the number of holders surged 200%, and fees from key pairs go straight to governance token holders. This community-driven model could appeal to meme token communities, where governance often plays a role in hype and sustainability.

While meme tokens aren't directly mentioned, Shadow's fee distribution might inspire similar mechanics in meme DEXs, rewarding holders and boosting engagement.

Ekubo Protocol: Efficiency on Starknet and Ethereum

Ekubo stands out for its capital-efficient design, with liquidity "ticks" 100 times finer than Uniswap v3, meaning better pricing for trades. It crossed $27 billion in volume in just six months, excelling in stablecoin swaps and capturing significant market share on Ethereum.

For meme tokens, which often pair with stables like USDC, Ekubo's gas savings and tight spreads could lower entry barriers. Cheaper trades mean more room for experimentation with low-cap memes, potentially fueling the next wave of launches on Starknet.

Overall, Spencer Noon's shoutout to this OurNetwork issue underscores how DEX innovations are evolving the crypto trading landscape. For meme token practitioners, these developments promise more efficient, accessible, and exciting ways to engage with the market. If you're building or trading memes, keeping tabs on these platforms could give you an edge. Head over to the full newsletter here for the deep dive, and follow Spencer on X for more insights. What's your take on these DEX updates—bullish for memes?