Despite a significant drop in Ethereum’s price during the first quarter of 2025, Ethereum (ETH) reclaimed its top spot in decentralized exchange (DEX) trading volume for March. DEXs handling $64 billion in spot trading volume surpassed Solana and Binance Coin in March, according to DefiLlama data. However, overall market activity slowed down. While the value of ETH-based DEX trading volume has declined from $86 billion in January to $85 billion in March, the total value locked (TVL) dropped from $67 billion to $49 billion during the same period. 2025’s Q1 was marked by a sharp decline in fees and burn rate. With just $21 million earned in transaction fees last month, and a record-low burn rate of 53 ETH per day, questions about Ethereum’s long-term value accrual remain.