According to DeFi Llama's data, DEXs have been declining for seven consecutive months, with a 59% drop indicating that on-chain funds are leaving and waiting on the sidelines, and the market sentiment is cooler than expected.

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CryptoFrontier
DEX Volume Reaches $166.78B in April, Lowest Since August 2024
DEX activity declined further in April, extending a downward trend since October 2025, with total DEX volumes reaching $166.78B—the lowest level since August 2024, according to DeFi Llama data. Trading volumes are now approximately 59% lower than the October 2025 peak, reflecting weaker sentiment in
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