Top Ethereum DApps Generate $ 2.3 B+ in Volume — These 4 Active Users Jump 40% Month-over-Month

Ethereum-based dApps surpassed $2.3 billion in volume in June, fueled by renewed decentralized trading and yield interest.

Active users across the top platforms rose by over 40%, highlighting growing confidence in Ethereum’s DeFi ecosystem.

Protocols like Uniswap, CoWDAO, and Pendle recorded standout growth, with Pendle offering a leading yield trading experience.

Uniswap (UNI): Leading With Unmatched Liquidity and User Retention

Uniswap remains the most utilized decentralized exchange on Ethereum, responsible for a significant share of June’s $2.3 billion volume. The platform's innovative liquidity routing, dynamic fees, and seamless interface contributed to a higher concentration of trades. Recent upgrades have optimized gas efficiency, keeping it competitive amid L2 expansion. User numbers rose substantially in June, pointing to consistent retention and trust in its decentralized framework.

MakerDAO (MKR): Governance-Driven Stability Amid Macro Uncertainty

MakerDAO’s performance this month remained anchored in its dual role as a stablecoin issuer and governance hub. DAI supply dynamics remained stable, while new governance proposals around fee adjustments and collateral diversity were introduced.

Maker’s community has grown increasingly engaged, with a higher turnout in governance voting. Although MKR token volatility remained relatively low, protocol activity ticked up due to increased stablecoin demand and rebalancing within the protocol. MakerDAO’s enduring role in DeFi stability mechanisms continues to keep it a relevant player amid evolving market dynamics.

Balancer (BAL): Automated Portfolio Rebalancing Gains Institutional Traction

Balancer recorded a notable increase in both TVL and user interaction in June. Its automated market-making model, which allows for customizable liquidity pools, drew new inflows during volatile conditions

Users, particularly algorithmic traders and DAOs, took advantage of Balancer’s dynamic asset-weighting to manage exposure more effectively. This uptick is consistent with the broader push toward sophisticated DeFi asset management tools. Balancer’s adaptability and ongoing integration with Ethereum L2 solutions helped lower transaction costs, further supporting its growth.

CoW Protocol (COW): Slippage-Free Trading Sees Dynamic Uptick

CoW Protocol’s batch auction model set it apart this month, as users sought more efficient order execution amid heightened volatility. Unlike traditional AMMs, CoW matches trades peer-to-peer or via professional solvers without liquidity pools, eliminating slippage and reducing MEV exposure. This unique infrastructure helped the protocol gain market share quickly, contributing meaningfully to the $2.3 billion total volume. The rise in wallet interactions suggests that traders looking to minimize cost and risk are increasingly turning to CoW’s innovative approach.

Pendle (PENDLE): Yield Trading Surges as Users Seek Predictable Returns

Pendle saw one of the most remarkable rises in user activity this month, largely due to its novel approach to yield trading. By allowing users to split and trade future yield from interest-bearing tokens, the platform has created a new segment within DeFi. With uncertainty in traditional staking returns, Pendle offers a structured and potentially more profitable alternative. The model is especially appealing for those seeking fixed-income-like instruments in DeFi