DEX Trading Volume Hits Two-Year Low Amid Seasonal Slowdown

Decentralized exchange (DEX) spot trading volume plummeted by 26% in July to $130.77 billion, marking its lowest monthly reading since September 2024.

This significant decline spans across 35 blockchains currently tracked and is the weakest monthly reading in nearly two years.

The drop in DEX volume has been building since last autumn, with monthly spot trading volume running near $231 billion in January and slipping to roughly $206.5 billion by March.

Stablecoin supply also contracted by $2.23 billion this month, sliding to about $308.47 billion on DeFiLlama's tracker, even as total crypto market value climbed roughly $192 billion or 11% after dipping under $2 trillion early in the month.