In the previous cycle, the DEX platform was always one of the places with the richest liquidity and trading volume.
However, the current situation is quite quiet, with the latest 30-day statistics showing that Uniswap $UNI and PancakeSwap $CAKE continue to dominate in DEX spot trading volume. Most major DEXs have recorded a significant decline in volume compared to the previous month, clearly reflecting a contraction in liquidity and a lower risk appetite in the market.
Notably, PumpFun on the $SOL is almost the only name that has seen volume growth, going against the general trend.
This indicates that current capital is not completely leaving DeFi but is shifting towards high-speculative products, quick turnover, instead of traditional spot trading on major DEXs.
In summary, Uniswap and PancakeSwap still play a pivotal role in terms of scale, but the simultaneous decline across most DEXs indicates that the market is in a defensive phase, while short-term liquidity only seeks out points with 'hot' stories and higher risks.