Weaker DApp Usage Weighs on ETH Price Outlook

[nihalsari]

Onchain data shows a clear slowdown in activity. According to DefiLlama, aggregate decentralized exchange (DEX) volumes have dropped roughly 55% from their January 2025 peak. Ethereum’s own seven-day DEX volumes have fallen sharply, dragging network fees down by nearly 90% compared with three months ago.

Even so, Ethereum still dominates when its Layer-2 ecosystem is included. Rollups like Base, Arbitrum, and Polygon collectively help Ethereum retain around half of all DEX activity, reinforcing its role as the settlement layer of choice despite declining usage at the base layer.

[etfs]

l2s carrying eth usage while mainnet chills makes sense