Search





Search





NewsCryptocurrencies

April DEX activity falls to lowest level since August 2024

CryptopolitanMay 1, 2026 2:09 PM

View all comments（0）



DEX activity declined in April, extending an overall downward trend. The liquidity outflows and volume declines affected both spot and futures markets.

DEX activity dipped again in April, extending the overall downward trend since October 2025. Trading on DEX reflects crypto sentiment for native traders, as well as general interest in long-tail assets.

In April, total DEX volumes reached $166.78B, the lowest level since August 2024, according to DeFi Llama data.

DEX volume extends the decline in April, with outflows across spot and futures markets — DEX activity in April contracted further, following the general downward trend from the October 2025 peak. | Source: DeFi Llama

DEX trading is now around 59% lower than the October 2025 peak, reflecting the generally weaker sentiment in the crypto market.

As of early 2025, DEX volumes still outperformed results for January, February, and March of the past five years. In April, however, DEX volumes fell below the levels from 2025 and 2024, stalling the expansion trend.

DEX activity makes up 14.57% of centralized trading, standing within its usual range. The ratio is preserved due to the outflow of traders from centralized markets.

Why did liquidity flow out of DEX trading?

The main reason for the slowdown comes from Uniswap and PancakeSwap, the two most widely used DEXs. Traders shifted to Hyperliquid and HIP-3, gaining exposure to perpetual futures for stocks, gold, and oil.

The idea of decentralized trading remains, but activity shifted from token swaps to other markets. Token hype diminished, and memes no longer attracted speculative trading. Some DEXs were still used for the most liquid crypto assets, or for swaps between stablecoins.

DEX activity also reflected the more stagnant crypto sentiment. Traders no longer expected hype to lift all tokens. Instead, only specific assets rallied, supported by market makers and deliberate liquidity providers.

Overall, liquidity providers also abandoned DEX pairs due to the risk of rug pulls and token crashes. Despite the near-peak supply of stablecoins, they were not really flowing into DEXs.

According to Artemis data, BNB Chain and Ethereum also saw significant outflows of liquidity in the past month. Some of the inflows moved to Hyperliquid or to Polymarket, which is still displacing DEX speculation.

DEXs also lost the inflows of new tokens, either from meme platforms or token sales. The slowdown of token sales or ICOs led to fewer new listings. More meme tokens from Pump.fun also remain in the “trenches,” and never graduate to exchanges.

DeFi hacks affected trust in DEXs

DEX activity slowed down during a month with a record number of hacks. Since smart contracts are generally vulnerable, DEXs were seen as potentially unsafe destinations.

Liquidity pools are also a common target for exploits, where flawed smart contracts lead to drained liquidity or stolen tokens.

Most of the outflows from exchanges happened on EVM-compatible networks and on Ethereum. Solana DEX activity defied the trend, but did not offset the overall outflows. Meteora displaced Raydium and PumpSwap as the leading exchange.

Solana survived the DEX outflows due to aggressive USDC minting, which boosted liquidity pairs on Meteora. The absence of hacks on Solana also kept traders more confident.

If you're reading this, you’re already ahead. Stay there with our newsletter.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

S&P 500 Index Forecast: Meta, Microsoft, Alphabet and Other Companies Continue Increasing AI Investment, May Support Index Surpassing 8,000 in Second Half of 2026

TradingKey - The S&P 500 index has recently experienced volatility at high levels. As of the U.S. market close on July 16, the S&P 500 index stood at 7,533.77 points, falling 0.51% on the day. Despite the short-term pullback, technical indicators suggest the medium-to-long-term bullish trend remains intact, and institutions continue to hold a positive outlook for the future of the S&P 500.

Apple Hits Record High, Market Cap Surges to $4.9 Trillion: Why Full-Year Gains Lead the Mag 7?

TradingKey - Against the backdrop of a general pullback in the AI sector, Apple (AAPL) has staged an independent rally, driven by its unique ecosystem moat and robust financial performance. After reaching an all-time high of $323.45 on July 13, the share price hit another record high of $327.5 on July 15. Its market capitalization currently stands at $4.81 trillion, making it the second-largest company in the U.S. by market value as it approaches the epic $5 trillion milestone, trailing only Nvidia (NVDA) at $5.13 trillion. In fact, Apple's year-to-date gain in 2026 has reached 16%, also leading the "Mag 7."

SpaceX Negotiates Multi-Billion Dollar Computing Power Deal With Pentagon: Stock Price Drop Does Not Change Wall Street’s Bullish Expectations

Tradingkey - The Wall Street Journal reported that SpaceX (SPCX) is in negotiations with the U.S. Department of Defense to sell computing power. The deal could be valued at billions of dollars, and if finalized, would mark the latest major infrastructure contract for Elon Musk’s integrated rocket, satellite, and artificial intelligence conglomerate. The report noted that the partnership model for this deal is similar to previous agreements SpaceX reached with Alphabet’s Google (GOOGL) and AI firm Anthropic. The negotiations come as the U.S. military seeks to construct data centers within its military bases to bolster its autonomous computing capabilities.

US-Iran Conflict Escalates, International Oil Prices Surge Over 3%: WTI Crude Breaks $81, Strait of Hormuz Shipping Blocked

Tradingkey - On July 17 (ET), as the conflict between the U.S. and Iran continued to escalate, the two major crude oil futures rose again, returning to price levels seen in mid-June. As of press time, WTI crude futures rose over 3% to $81.05, while Brent crude futures also gained more than 3% to $87.01. The confrontation between the two sides has intensified as the fragile ceasefire agreement signed by the U.S. and Iran last month shows further signs of breaking down.

Micron Stock Price Prediction: MU Breaks $898 Support as Memory Boom Faces Capacity Risk

Micron posted record fiscal Q3 revenue of $41.46 billion and guided for $50 billion in Q4 sales, but MU has broken below $897.80 support as investors assess capacity growth and peak memory margins.

Featured Tools