Layer-2 Boom Offsets Ethereum Weakness as Base DEX Volumes Hit 5-Month Low

[johnblockbuster]

While Ethereum’s mainnet metrics have cooled, its layer-2 ecosystem is accelerating fast. Base saw transactions jump 108%, and Polygon surged 81%, signaling robust L2 adoption even as Ethereum’s own DEX volumes slid to $13.4B, the lowest level in five months.
Analysts say the divergence reflects Ethereum’s long-term design: shift activity to rollups while the base layer becomes a settlement engine. Despite falling dApp revenue and shrinking TVL across major protocols like Pendle, Morpho and Spark, Ethereum still commands 68% market share — far ahead of Solana’s sub-10% share.

[Rimon Khan]

L2s continue to carry the ecosystem while mainnet activity slows.

[Nahid Hossen]

DEX volume drop shows consolidation, not collapse—L2s are absorbing the flow.