September was the top for the decentralized exchanges, for a short time, the UniSwap had a bigger volume than Coinbase. Then the fire of defi started to cool down, and yield farming also shows a smaller profit. Not a coincidence, the volume on dexes are slowly decreasing, by 35% in the past two months.
The initial exploding was caused by the liquidity mining of defi tokens, and the fact, you can list your project free on most of the dexes. In this way, many projects get a listing and trading opportunity, and it’s probably, this also could help to onboard the users, despite high fees