Decentralized exchanges (DEXs) have seen significant advancements in recent years, but user engagement remains below pre-Terra levels. Cointelegraph Research's new report, "DEXscape: Scaling, Innovating, Aggregating," explores the trends shaping the DEX industry and its future. Innovations in automated market maker (AMM) mechanisms, competition among blockchains, zero-knowledge proofs, and smart routing are all discussed as potential game-changers. Dodo and Perpetual Protocol, which use proactive market maker and virtual automated market maker mechanisms, respectively, have shown the highest liquidity turnover ratio (LTR), indicating increased activity compared to other DEXs. Aggregators, which tackle the issue of fragmented liquidity, now process over 20% of decentralized trading volume.