Daily active traders on Ethereum-based DEXs have fallen to around 40,000, down from 95,000 in late 2024

Ethereum’s decentralized exchange (DEX) activity has dropped sharply, with trading volume halving since its December 2024 peak.

Daily active traders on Ethereum-based DEXs have fallen to around 40,000, down from 95,000 in late 2024.

Marking a 12-month low, according to data.

The slowdown comes amid market fatigue and a decline in speculative capital, with Ethereum DEX volumes falling to $57 billion in March 2025, down from $112 billion in December.

The drop reflects both fewer users and smaller average trade sizes as traders grow more cautious.

Uniswap continues to dominate Ethereum’s DEX ecosystem, while competitors like SushiSwap are seeing far less activity, only about 2,000 daily active users.

Despite the contraction, decentralized exchanges still hold a 13% share of total spot trading volume, a number that has been steadily climbing over the years.

While centralized exchanges still lead in liquidity, speed, and cost-efficiency, decentralized platforms are closing the gap.

DEX aggregators such as Bebop and CoWSwap are improving trade execution by optimizing routing and minimizing slippage.

Layer-2 solutions like Base are also absorbing a lot of trading volume, and platforms like Solana are gaining traction as lower-cost alternatives.

This shift suggests that traders aren’t abandoning decentralized trading, they’re just looking for more cost-efficient options outside of Ethereum’s mainnet.