The number of DEX traders on Ethereum has fallen from over 95,000 at the beginning of the month to just 63,000 last week, marking the lowest number of traders since February.

The number of traders picked up at the start of March amidst a broader crypto rally, with a particular emphasis on memecoins, which helped decentralized exchanges across multiple chains.

Ethereum was actually challenged for dominance during much of this rally, as networks that offered cheaper trading attracted a lot of attention and hosted some of the most popular new tokens of the rally.

But of course, Ethereum was still able to bask in the glory of the rally, with the number of DEX traders and DEX volumes reaching highs not seen since the memecoin-mania that took place back in March 2023, which was primarily …