Ethereum’s Decentralized Exchange Volume Drops to 12-Month Low! Here Are the Details

Ethereum’s decentralized exchange volume has slowed, with daily traders dropping to a 12-month low of around 40,000 addresses, a sharp decline from the peak of 95,000 observed in late 2024.

Ethereum's DEX Volume Has Halved Since December Peak

This sharp decline in DEX participation coincides with a further cooling of the market in the crypto world and a decrease in speculative capital flows.

Uniswap continues to be the dominant force in the Ethereum DEX ecosystem, eclipsing competitors like SushiSwap which currently only attracts around 2,000 daily active addresses.

Trading volumes have shrunk along with user participation, with Ethereum DEX volume falling to $57 billion in March 2025, nearly half of the $112 billion recorded at the market peak in December 2024.

This volume decline reflects both reduced user activity and potentially smaller average trade sizes as market participants take more cautious positions.

Despite this contraction, decentralized exchanges continue to account for approximately 13% of total spot trading volume compared to centralized exchanges, continuing the gradual upward trend observed in recent years.

The current landscape highlights the persistent advantages and disadvantages between centralized and decentralized trading platforms.

Centralized exchanges continue to offer superior liquidity, lower transaction costs, and faster execution for most standard trading activities.

However, innovations from DEX aggregators like Bebop and CoWSwap are increasingly narrowing these gaps by optimizing routing, reducing slippage, and improving the overall user experience.

While Layer 2 solutions like Base are achieving significant transaction volume, Solana continues to establish itself as a significant alternative transaction venue.

This redistribution suggests that while Ethereum’s native DEX activity has decreased, investors are still interested in exploring cost-effective venues rather than exiting decentralized trading entirely.

*This is not investment advice.

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