Ethereum decentralised exchange (DEX) ecosystem is feeling the chill as trading activity continues to slide. Daily active traders have dropped to around 40,000,a level not seen in the past year, down from a high of 95,000 back in late 2024. The drop reflects a broader pullback in speculative capital and market engagement.
Uniswap still holds the crown as the top DEX on Ethereum, but even its dominance hasn’t shielded the overall ecosystem from the downturn. In March 2025, trading volumes across Ethereum-based DEXs totaled $57 billion, a sharp decline from the $112 billion peak recorded in December 2024. Smaller trade sizes and reduced user participation are likely the main culprits.
With fewer users and less capital flowing through the system, the DEX landscape is clearly in a cooldown phase, whether this is just a breather or the start of a longer trend remains to be seen.