DEX Weekly Volume Falls 15% to $35.96 Billion as On-Chain Activity Cools

Weekly trading activity on decentralized exchanges (DEXs) cooled over the past seven days, with aggregate volume falling to roughly $35.96 billion—down 15.32% from the prior week—signaling a modest pullback in on-chain risk appetite after a busier stretch of trading.

Data from DeFiLlama shows 24-hour DEX volume at about $21.17 billion. Despite the weekly decline, DEXs continued to command a sizable slice of crypto spot activity, accounting for approximately 43% of the market compared with centralized exchanges (CEXs), underscoring how ‘on-chain liquidity’ remains structurally important even when momentum fades.

Among individual platforms, Uniswap led the sector again with about $8.15 billion in cumulative seven-day volume, maintaining its position as the top venue for decentralized spot trading. PancakeSwap followed with approximately $6.34 billion, while Aerodrome ranked third with about $3.23 billion. Orca, Raydium, HumiDeFi, Fluid, BisonFi, Meteora, and Manifest Trade rounded out the top 10, highlighting a broad distribution of activity across both Ethereum Virtual Machine (EVM) venues and Solana-native order flow.

By network, Solana posted the largest weekly DEX volume at roughly $9.97 billion, reflecting continued strength in high-throughput chains where lower fees can facilitate rapid turnover. Ethereum recorded about $8.18 billion, while BNB Chain (BSC) came in at around $6.10 billion. Base logged approximately $6.27 billion, placing it among the more active ecosystems as Layer-2 adoption persists.

Further down the list, Arbitrum, Hyperliquid L1, Polygon, Offchain, Avalanche, and Provenance followed in weekly volume rankings. Market watchers generally interpret the week-over-week drop as a cyclical slowdown rather than a structural shift, with DEX market share still elevated—suggesting that traders continue to rely on decentralized venues for ‘price discovery’ and rapid rotation between assets as conditions change.