Ethereum's price faces challenges as decentralized exchange (DEX) activity on its network plummeted by 34% in the last week, contributing to a 14% price decline in March, despite the broader crypto market's only 4% decrease. The DEX downturn also affected Ethereum's competitors, signaling a broader bearish sentiment among traders. Notably, protocols like Maverick Protocol and DODO saw significant drops in volume, and PancakeSwap on the BNB Chain outperformed Uniswap in fees. Additionally, Ethereum's total value locked (TVL) decreased by 9%, slightly closing the gap with competing chains, particularly as Solana experienced a small decline, whereas BNB Chain's deposits rose. The demand for leveraged ETH futures fell, with annualized premiums dropping, alongside significant outflows from Ethereum-based ETFs, indicating a loss of institutional interest. As competition heats up, especially from Solana and its associated lower transaction fees, Ethereum must evolve after its upcoming upgrades to remain appealing to users and investors.

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