Monthly spot DEX volume across major chains like Solana and Ethereum fell back to $212 billion in March, erasing most of 2025’s gains.
The rally in decentralized crypto trading now looks like it’s losing steam. Spot volumes across major chains like Solana and Ethereum dropped to $212 billion in March, a level last seen in late 2024, Keyrock data shows.
The market peaked at $567 billion in October 2025. Since then, it has given back the entire 18-month expansion, the data shows. The analysts say the drop reflects a broader shift in sentiment, since DEX volume acts as a “proxy for onchain conviction.” The team said:
“Spot DEX volume is a proxy for onchain conviction, and right now there is very little of it. BTC▼$63,506.00 has been range-bound between $60,000 and $73,000 for five weeks, which removes the directional catalyst that drives most retail spot activity.”
Although the pullback is broad, Solana, which has been one of the clearest barometers of fast-money risk taking in crypto, is now taking the biggest hit. Solana DEX volume fell from $156 billion at the October peak to $57 billion in March.
DEX Volume on Ethereum, EVM Chains Also Declines
Ethereum is also cooling off. In March, the network had $42 billion in DEX volume, its weakest month since October 2024. The “Other EVM” bucket, including Base, Arbitrum, BNB▼$599.78 Chain and Hyperliquid, also fell 64% from $312 billion to $113 billion.
The analysts say “war-driven macro uncertainty” and softer rate-cut expectations are “keeping capital and speculation sidelined.” They also said a break below Ethereum’s October 2024 levels would mean the “bull market’s entire onchain trading expansion has been fully unwound.”
