Activity on Ethereum DEXs is sharply declining, with daily active wallets dropping to 40,000 — the lowest in 12 months, down significantly from the 95,000 peak in late 2024. Alongside the user drop, trading volume has also plunged: in March 2025, Ethereum DEXs recorded only $57 billion in volume, nearly half of the $112 billion peak from December 2024.
Uniswap remains dominant, while competitors like SushiSwap are falling behind. However, capital is shifting to more efficient platforms like Base and Solana, indicating traders still trust decentralized trading.


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