Ethereum DEX trader activity surges 73% this month, led by Uniswap’s continued dominance

Ethereum’s decentralized exchange (DEX) landscape is seeing a surge in trader activity, with daily active users climbing to around 64,000 — a three-month high and a 73% jump from the May 4 low of roughly 37,000.

The rebound suggests renewed retail interest in Ethereum trading, likely fueled by improving market sentiment and recent gains in ETH price. But while trader count has climbed, trading volume hasn’t followed suit. Monthly DEX volume on Ethereum currently sits at around $15 billion , indicating that most activity is coming from smaller trades rather than institutional or large-scale investors.

Historically, retail-driven upticks like this have often preceded broader market participation, hinting at potential acceleration in the weeks ahead.

Uniswap remains the dominant platform, accounting for $13 billion of Ethereum’s monthly DEX volume. It also claims approximately 62,000 of the ecosystem's 64,000 traders — a 97% share of user activity — underscoring its continued dominance despite new entrants in the space.

As the year progresses, market watchers will be tracking whether this activity marks the beginning of a broader breakout or simply a short-term resurgence led by disciplined retail traders.

This is an excerpt from  The Block's Data Insights newsletter . Dig into the numbers making up the industry's most thought-provoking trends.