The DEX volume of Ethereum has fallen by half since the peak level in December.

The trading volume on the decentralized exchange (DEX) of Ethereum has slowed down, with the number of unique traders each day dropping to around 40,000 addresses, the lowest in the past 12 months and a significant decrease from the peak of 95,000 addresses recorded at the end of 2024.

This sharp decline in DEX participation coincides with the cooling of the broader market and reduced speculative capital across the cryptocurrency landscape. Uniswap remains the dominant platform in the Ethereum DEX ecosystem, far surpassing competitors like SushiSwap, which currently attracts only about 2,000 active addresses daily.

The trading volume has contracted along with user participation, with the trading volume on Ethereum's DEX falling to 57 billion USD in March 2025, only about half of the 112 billion USD recorded at the market peak in December 2024.

The decline in trading volume reflects both a decrease in user activity and potentially smaller average transaction sizes as market participants adopt a more cautious strategy. Despite this decline, decentralized exchanges still account for about 13% of total spot trading volume compared to centralized exchanges, continuing the gradual upward trend that has been observed in recent years.

The current landscape highlights the persistent advantages and disadvantages between centralized and decentralized exchanges. Centralized exchanges continue to provide superior liquidity, lower transaction costs, and faster execution speeds for most standard trading activities. However, innovations from DEX aggregators like Bebop and CoWSwap are gradually narrowing these gaps by optimizing routing, reducing slippage, and enhancing the overall user experience.

Layer-2 solutions like Base have attracted a significant trading volume, while Solana continues to establish itself as a standout alternative. This reallocation indicates that although Ethereum's native DEX activity has fallen, traders are still interested in exploring cost-effective trading platforms, rather than completely abandoning decentralized trading.

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