Ethereum's Aggregator Split Is a Warning for Passive LPs
· 7 min read
The most important liquidity story this week is not another pool launch or another fee switch vote. It is a quieter routing change on Ethereum.
On April 15, 2026, The Block reported that Ethereum's DEX aggregator market has become much less concentrated: Kyber leads with about 31% direct aggregator share, CoW Swap follows around 22%, and 1inch has fallen from roughly 30% to 15% over the same period (The Block).
For LPs, this is a warning that "where the volume goes" is no longer something you can infer from pool depth, protocol brand, or historical dominance. Routing is becoming its own competitive layer, and that layer can redirect order flow faster than most passive LPs can react.