POPA ReconDEX Fees Hit a Three-Year Bottom
DEX Fees Hit a Three-Year Bottom After peaking at $2.41B in Q1 2025, quarterly DEX fees fell to $413M in Q2 2026 - an 83% decline from the peak and the lowest quarterly print since 2023. The slide has been relentless: five straight quarters of decline, with fees nearly halving in the first six months of 2026 alone. But this isn't just a volume story - it's a pricing story. The new generation of perp DEXs weaponized zero fees as a growth strategy, and points programs replaced trading fees as the real monetization. Protocols are effectively paying users in future tokens instead of charging the…
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