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In April, activity on DEX decreased again, and this no longer appears to be a short-term dip. The downward trend has been ongoing since October 2025. Not only are volumes falling — liquidity is also leaving, and it’s happening across both spot and derivatives markets. According to DeFi Llama, the total trading volume for the month was $166.78 billion. This is the lowest since August of last year. Compared to the October peak, the market has already declined by approximately 59%. Interestingly, the beginning of 2025 looked quite confident. January, February, and March were stronger than the same periods in previous years. But in April, this momentum abruptly ended, and the figures were lower than both 2024 and 2025.