The weekly on-chain trading volume in decentralized exchanges (DEXes) has been decreasing since mid-January, falling from $173 billion to around $90 billion last week, according to data from DefiLlama. The decline in volume was largely driven by Solana, which saw a significant decrease in trading activity. Binance Smart Chain (BSC) briefly played a key role in trading volume but lost momentum. Despite these setbacks, the monthly volume of DEXes is still relatively strong compared to centralized exchanges, with a ratio of 16.7% based on on-chain data. Although there has been a slight pullback from last month's peak, the percentage is still higher than the peak in October 2021.



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