According to on-chain data monitoring, the number of user addresses on Solana DEX has dropped to 2.852 million in the past week (December 8 to 14), hitting a new low in the past year.

This number seems a bit heavy. Looking back, during the week of January 20 this year, the number of user addresses on Solana DEX was still at a high of 24.465 million, and has been on a downward trend since then. From the peak to now, the decline exceeds 88%, and the downward trend in user activity has persisted for nearly a year.

What does this reflect? A decline in DEX user numbers usually hints at several issues: it could be a cooling of trading activity, users migrating to other chains, or the diminishing appeal of certain ecosystem applications. However, such cyclical fluctuations are common in the crypto market, and the specific reasons need to be assessed in conjunction with the overall market environment, competitive landscape, and developments within the Solana ecosystem.