21-5-2025 – In Ethereum’s decentralised exchange (DEX) ecosystem, a wave of enthusiasm is sweeping through, with daily active users soaring to a three-month peak of approximately 64,000. This marks a striking 73% surge from the low of 37,000 recorded on 4 May, signalling a robust revival in retail trader engagement. The upswing aligns with a buoyant market mood and recent upward movements in the price of ETH, Ethereum’s native cryptocurrency, which has climbed by 1.40%.
Despite the flurry of trader activity, the volume of trades tells a more measured story. Ethereum’s DEX platforms have recorded a monthly trading volume of roughly $15 billion, suggesting that the current momentum is driven primarily by smaller, retail-focused transactions rather than the heavy-hitting moves of institutional investors. Historically, such retail-driven spikes have often served as a prelude to broader market involvement, raising anticipation that larger players might soon join the fray.
At the heart of this activity stands Uniswap, the undisputed titan of Ethereum’s DEX landscape. Commanding an impressive $13 billion of the monthly trading volume, Uniswap accounts for the lion’s share of the ecosystem’s activity. With around 62,000 of the 64,000 active traders gravitating to its platform, it holds a commanding 97% of user engagement. This dominance persists even as newer platforms vie for a foothold, underscoring Uniswap’s enduring appeal.
