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DEX Volume Hits Two-Year Low as On-Chain Liquidity Dries Up

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

The decline is attributed to a decrease in on-chain liquidity, which has been steadily dropping since last autumn.

K33 Research believes that the drop is part of a seasonal pattern, describing it as 'typical rather than structural.'

Stablecoin supply shrunk by $2.23 billion this month, while total crypto market value increased by around 11% to over $2 trillion.

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