The main blow hit Uniswap and PancakeSwap. These are the largest platforms, and that’s where the downturn is most noticeable. At the same time, part of the audience simply switched—attention moved to Hyperliquid and HIP-3, where perpetual trading on traditional assets such as stocks, gold, and oil is available. The idea of DEX hasn’t disappeared, but interest has shifted. Earlier, tokens and speculation around them were the main drivers. That is no longer the case. The hype has died down, and meme coins no longer attract liquidity the way they used to.

DEX is still used, but more like a utility: for swapping liquid assets or working with stablecoins. Interest in “long-tail” assets has noticeably cooled.

This is directly tied to market sentiment. The expectation that everything would take off has gone away. Now, growth is shown only by certain assets—and only if liquidity and support are behind them.

Meanwhile, liquidity providers have also started to exit. Risks have not gone anywhere: rug pull, sudden crashes—everything remains. Even with the increase in stablecoin supply, money is not returning to DEX.